Citigroup Inc. Increases Stake in Cavco Industries, Inc. (NASDAQ:CVCO)

Citigroup Inc. grew its position in Cavco Industries, Inc. (NASDAQ:CVCO – Get Rating) by 23.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,539 shares of the construction company’s stock after acquiring an additional 2,010 shares during the quarter. Citigroup Inc.’s holdings in Cavco Industries were worth $2,384,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CVCO. JPMorgan Chase & Co. grew its holdings in shares of Cavco Industries by 75.9% in the first quarter. JPMorgan Chase & Co. now owns 24,779 shares of the construction company’s stock worth $5,968,000 after purchasing an additional 10,691 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Cavco Industries by 5.8% in the first quarter. Raymond James & Associates now owns 14,161 shares of the construction company’s stock worth $3,411,000 after purchasing an additional 774 shares during the last quarter. US Bancorp DE grew its holdings in shares of Cavco Industries by 25.2% in the first quarter. US Bancorp DE now owns 388 shares of the construction company’s stock worth $94,000 after purchasing an additional 78 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Cavco Industries by 58.6% in the first quarter. MetLife Investment Management LLC now owns 4,906 shares of the construction company’s stock worth $1,182,000 after purchasing an additional 1,813 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Cavco Industries by 2.2% in the first quarter. Rhumbline Advisers now owns 23,738 shares of the construction company’s stock worth $5,717,000 after purchasing an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 93.32% of the company’s stock.

Insiders Place Their Bets

In other news, insider Gavin Ryan sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $290.03, for a total value of $870,090.00. Following the sale, the insider now directly owns 529 shares in the company, valued at approximately $153,425.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.62% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on CVCO. Wedbush upped their price target on shares of Cavco Industries from $410.00 to $425.00 in a report on Monday. Craig Hallum dropped their target price on shares of Cavco Industries from $357.00 to $338.00 in a report on Monday. Finally, StockNews.com started coverage on shares of Cavco Industries in a report on Thursday, May 18th. They set a “buy” rating on the stock.

Cavco Industries Price Performance

Shares of Cavco Industries stock opened at $280.88 on Wednesday. Cavco Industries, Inc. has a 1 year low of $179.47 and a 1 year high of $318.00. The firm’s 50-day moving average is $295.20 and its two-hundred day moving average is $266.09. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 10.43 and a beta of 1.22.

Cavco Industries Profile

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Cavco Industries, Inc engages in the development of residential modular structures. It offers manufactured homes, modular homes, park model RVs and cabins, commercial structures, mortgage lending, and insurance. The firm’s brands include Cavco, Fleetwood, Palm Harbor and Fairmont, Friendship, Chariot Eagle and Destiny.