PHOENIX—Paul Bigbee, the Chief Accounting Officer of Cavco Industries Inc. (NASDAQ:CVCO), recently sold 100 shares of the company's common stock. The transaction, which took place on November 22, 2024, was executed at a price of $512.23 per share, totaling approximately $51,223.
Following this sale, Bigbee retains ownership of 981 shares in Cavco Industries. The sale was reported in a Form 4 filing with the Securities and Exchange Commission, detailing the transaction and current holdings.
In other recent news, Cavco Industries reported a 12.3% increase in net revenue to $507.5 million for the second quarter of fiscal year 2025, driven by a 15.7% rise in homes sold. The company's factory-built housing segment contributed $486.3 million to the revenue, while financial services added $21.1 million. However, gross margins saw a slight dip to 22.9%, affected by lower average selling prices and losses in financial services. On the strategic front, Cavco Industries is actively considering potential mergers and acquisitions to enhance plant capacity and efficiency.
Craig-Hallum maintained a positive outlook on Cavco Industries, raising its price target to $495 from the previous $422, while keeping a Buy rating on the stock. The firm's analyst highlighted Cavco's potential to gain market share in the manufactured housing sector compared to site-built homes. The recent performance of Cavco Industries has demonstrated solid fundamentals, which the analyst believes will support the company's growth trajectory.
These are the recent developments in Cavco Industries, Inc. The company's management expressed optimism for market recovery, especially in the Southeast, despite the challenges. The increase in the price target reflects the expectation that Cavco's operational advantages will continue to propel its earnings upward.
InvestingPro Insights
While Paul Bigbee's recent sale of 100 Cavco Industries Inc. (NASDAQ:CVCO) shares may catch investors' attention, it's crucial to consider the broader financial picture of the company. According to InvestingPro data, Cavco's market capitalization stands at $4.22 billion, reflecting its significant presence in the manufactured housing industry.
The company's stock has shown remarkable performance, with a 90.42% total return over the past year and a 53.82% return year-to-date. This strong momentum is further emphasized by an InvestingPro Tip indicating that CVCO has seen a significant return over the last week, with data showing a 13.12% price increase in just seven days.
Another InvestingPro Tip highlights that Cavco holds more cash than debt on its balance sheet, suggesting a solid financial position. This aligns with the company's ability to maintain profitability, as analysts predict CVCO will remain profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Cavco Industries, providing deeper insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.