Short Interest in Cavco Industries, Inc. (NASDAQ:CVCO) Declines By 7.7%

Cavco Industries, Inc. (NASDAQ:CVCO) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 150,300 shares, a decline of 7.7% from the October 31st total of 162,900 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 63,400 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVCO. Wedbush downgraded shares of Cavco Industries from an “outperform” rating to a “neutral” rating and set a $480.00 price target for the company. in a research note on Tuesday. Craig Hallum increased their price target on Cavco Industries from $422.00 to $495.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com raised Cavco Industries from a “hold” rating to a “buy” rating in a research note on Monday, November 4th.

Cavco Industries Price Performance

Shares of NASDAQ:CVCO opened at $511.73 on Wednesday. The firm’s 50 day simple moving average is $452.84 and its 200 day simple moving average is $405.06. Cavco Industries has a fifty-two week low of $288.57 and a fifty-two week high of $544.08. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 28.93 and a beta of 1.29.

Cavco Industries (NASDAQ:CVCO) last posted its earnings results on Thursday, October 31st. The construction company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.58. Cavco Industries had a net margin of 8.00% and a return on equity of 14.38%. The company had revenue of $507.46 million for the quarter, compared to analyst estimates of $480.10 million. During the same period last year, the business posted $4.76 earnings per share. Equities research analysts expect that Cavco Industries will post 18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Paul Bigbee sold 88 shares of Cavco Industries stock in a transaction on 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 sale, the chief accounting officer now directly owns 1,081 shares of the company’s stock, valued at approximately $433,913.40. This trade represents a 7.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven G. Bunger sold 4,000 shares of the company’s stock in a transaction on 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 $2,679,032.40. This trade represents a 37.93 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,313 shares of company stock valued at $1,780,681. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVCO. Assenagon Asset Management S.A. raised its position in shares of Cavco Industries by 1,610.3% during the third quarter. Assenagon Asset Management S.A. now owns 60,835 shares of the construction company’s stock worth $26,052,000 after purchasing an additional 57,278 shares during the period. Cerity Partners LLC raised its holdings in Cavco Industries by 91.8% during the 3rd quarter. Cerity Partners LLC now owns 46,915 shares of the construction company’s stock worth $20,091,000 after buying an additional 22,451 shares during the period. Atom Investors LP bought a new position in Cavco Industries in the third quarter valued at approximately $7,572,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Cavco Industries by 147.0% in the third quarter. Harbor Capital Advisors Inc. now owns 22,399 shares of the construction company’s stock valued at $9,592,000 after buying an additional 13,331 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Cavco Industries by 6.1% during the third quarter. Geode Capital Management LLC now owns 224,384 shares of the construction company’s stock worth $96,107,000 after acquiring an additional 12,822 shares in the last quarter. 95.56% of the stock is currently owned by institutional investors.

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.