Sandy Spring Bank Purchases New Stake in Cavco Industries, Inc. (NASDAQ:CVCO)

Posted by Defense World Staff on Aug 8th, 2023

Sandy Spring Bank purchased a new stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 150 shares of the construction company’s stock, valued at approximately $48,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Federated Hermes Inc. acquired a new stake in Cavco Industries in the third quarter worth $26,000. Exchange Traded Concepts LLC bought a new position in shares of Cavco Industries in the first quarter worth $30,000. Meeder Asset Management Inc. grew its stake in shares of Cavco Industries by 120.5% in the fourth quarter. Meeder Asset Management Inc. now owns 258 shares of the construction company’s stock worth $58,000 after purchasing an additional 141 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of Cavco Industries by 31.8% in the second quarter. Captrust Financial Advisors now owns 394 shares of the construction company’s stock worth $77,000 after purchasing an additional 95 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Cavco Industries by 1,192.9% during the fourth quarter. Fifth Third Bancorp now owns 362 shares of the construction company’s stock valued at $82,000 after buying an additional 334 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVCO has been the subject of several research reports. StockNews.com cut Cavco Industries from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Craig Hallum decreased their price target on Cavco Industries from $357.00 to $338.00 in a research report on Monday, May 22nd. Finally, Wedbush increased their price target on Cavco Industries from $410.00 to $425.00 in a research report on Monday, May 22nd.

Check Out Our Latest Research Report on CVCO

Cavco Industries Stock Down 0.9 %

NASDAQ:CVCO opened at $287.26 on Tuesday. Cavco Industries, Inc. has a 1-year low of $193.91 and a 1-year high of $318.00. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 11.23 and a beta of 1.24. The stock has a fifty day simple moving average of $282.95 and a 200 day simple moving average of $286.02.

Cavco Industries (NASDAQ:CVCO – Get Free Report) last released its quarterly earnings results on Thursday, May 18th. The construction company reported $5.39 earnings per share for the quarter, beating analysts’ consensus estimates of $4.98 by $0.41. Cavco Industries had a return on equity of 23.41% and a net margin of 11.20%. The business had revenue of $476.38 million during the quarter, compared to analyst estimates of $448.70 million. Equities analysts predict that Cavco Industries, Inc. will post 26.55 earnings per share for the current year.

Cavco Industries Profile

(Free Report)

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.