Cavco Industries, Inc. (NASDAQ:CVCO) Sees Large Increase in Short Interest

Cavco Industries, Inc. (NASDAQ:CVCO) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 162,900 shares, a growth of 13.0% from the October 15th total of 144,200 shares. Approximately 2.1% of the shares of the stock are short sold. Based on an average trading volume of 63,300 shares, the short-interest ratio is presently 2.6 days.

Cavco Industries Price Performance

Shares of CVCO stock traded up $0.89 during trading hours on Monday, hitting $466.12. The stock had a trading volume of 6,469 shares, compared to its average volume of 64,394. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 26.38 and a beta of 1.24. Cavco Industries has a one year low of $271.48 and a one year high of $484.80. The stock’s 50-day moving average price is $433.31 and its two-hundred day moving average price is $394.26.

Cavco Industries (NASDAQ:CVCO) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.58. The business had revenue of $507.46 million for the quarter, compared to the consensus estimate of $480.10 million. Cavco Industries had a return on equity of 14.38% and a net margin of 8.00%. During the same quarter in the previous year, the company posted $4.76 EPS. As a group, equities research analysts predict that Cavco Industries will post 18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Paul Bigbee sold 88 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $401.40, for a total value of $35,323.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,081 shares in the company, valued at approximately $433,913.40. This represents a 7.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven G. Bunger sold 4,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $409.20, for a total value of $1,636,800.00. Following the transaction, the director now directly owns 6,547 shares in the company, valued at approximately $2,679,032.40. This represents a 37.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,213 shares of company stock worth $1,729,458. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors raised its stake in shares of Cavco Industries by 2.9% in the first quarter. Capital World Investors now owns 605,925 shares of the construction company’s stock valued at $241,800,000 after acquiring an additional 17,125 shares during the period. Geode Capital Management LLC grew its position in shares of Cavco Industries by 6.1% during the 3rd quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company’s stock worth $96,107,000 after buying an additional 12,822 shares in the last quarter. Boston Trust Walden Corp lifted its stake in Cavco Industries by 0.8% in the second quarter. Boston Trust Walden Corp now owns 196,046 shares of the construction company’s stock worth $67,865,000 after acquiring an additional 1,541 shares during the period. FMR LLC grew its holdings in Cavco Industries by 7.0% during the 3rd quarter. FMR LLC now owns 135,444 shares of the construction company’s stock worth $58,002,000 after acquiring an additional 8,829 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cavco Industries by 5.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,453 shares of the construction company’s stock worth $46,872,000 after acquiring an additional 5,935 shares in the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVCO has been the topic of several research reports. StockNews.com raised Cavco Industries from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wedbush upped their price target on Cavco Industries from $425.00 to $455.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. Finally, Craig Hallum upped their price objective on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research report on Monday, November 4th.

Cavco Industries Company Profile

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.