Cavco Industries, Inc. (NASDAQ:CVCO) Position Raised by Cannell Capital LLC

Cannell Capital LLC grew its stake in Cavco Industries, Inc. (NASDAQ:CVCO) by 10.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,398 shares of the construction company’s stock after purchasing an additional 6,713 shares during the period. Cavco Industries makes up about 4.2% of Cannell Capital LLC’s portfolio, making the stock its 6th biggest position. Cannell Capital LLC owned about 0.79% of Cavco Industries worth $21,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CVCO. Federated Hermes Inc. bought a new position in Cavco Industries during the 3rd quarter valued at about $26,000. Exchange Traded Concepts LLC bought a new position in shares of Cavco Industries during the first quarter valued at approximately $30,000. Sandy Spring Bank purchased a new stake in shares of Cavco Industries in the first quarter worth approximately $48,000. NewEdge Advisors LLC bought a new stake in shares of Cavco Industries during the 1st quarter worth approximately $52,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of Cavco Industries by 120.5% during the 4th quarter. Meeder Asset Management Inc. now owns 258 shares of the construction company’s stock worth $58,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 95.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CVCO shares. Craig Hallum reduced their target price on Cavco Industries from $357.00 to $338.00 in a research note on Monday, May 22nd. Wedbush lifted their price objective on shares of Cavco Industries from $410.00 to $425.00 in a report on Monday, May 22nd. Finally, StockNews.com assumed coverage on shares of Cavco Industries in a research report on Thursday, August 17th. They issued a “hold” rating for the company.

Cavco Industries Stock Performance

NASDAQ CVCO traded down $1.55 on Monday, reaching $270.90. 11,536 shares of the stock traded hands, compared to its average volume of 62,590. Cavco Industries, Inc. has a 12 month low of $193.91 and a 12 month high of $318.00. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 10.65 and a beta of 1.23. The company has a fifty day moving average price of $284.11 and a 200-day moving average price of $286.76.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, August 3rd. The construction company reported $5.29 earnings per share for the quarter, missing the consensus estimate of $6.76 by ($1.47). Cavco Industries had a net margin of 11.20% and a return on equity of 23.41%. The firm had revenue of $475.88 million during the quarter, compared to the consensus estimate of $552.90 million. As a group, research analysts anticipate that Cavco Industries, Inc. will post 20.05 earnings per share for the current fiscal year.

About Cavco Industries

Cavco Industries, Inc designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands.