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Cavco Industries Inc (CVCO): Third Avenue Decreases Stake

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A recent 13G filing with the Securities and Exchange Commission revealed that Martin Whitman‘s Third Avenue Management owns 481,575 common shares of Cavco Industries Inc (NASDAQ:CVCO), which account for 5.39% of the company’s outstanding stock. This represents a decrease in the fund’s stake, as Third Avenue Management previously held 729,734 shares, as reported in its latest 13F filing for the reporting period of March 31.

Cavco Industries (NASDAQ:CVCO) is a company that creates system-built complexes, such as manufactured homes, vacation cabins, park model homes, and commercial buildings. In May, the company was awarded the title Manufacturer of the Year 2016 by the Manufactured Housing Institute. Over the past 12 months, Cavco Industries’ stock has gained 37.2%. For the fourth quarter of fiscal year 2016, the company reported earnings per share of $0.77 and revenue of $177.3 million, beating both the earnings per share and revenue estimates, of $0.76 and $171 million respectively.

engineering, engineer, building, civil, business, sketching, plan, project, sketch, vision, human, model, housing, construct, teacher, concept, presentation, estate, male,

Sergey Nivens/Shutterstock.com

According to Insider Monkey’s database Cavco Industries (NASDAQ:CVCO) was in 16 hedge funds’ portfolios at the end of March, compared to 12 hedge fund investors long the stock at the end of the previous quarter. Among them, the largest position in the company was reported by Third Avenue Management, while the second-biggest position was held by Jim Simons’ Renaissance Technologies and was valued at $20.5 million. Some other investors that were bullish on this stock were J. Carlo Cannell’s Cannell Capital, Ken Grossman and Glen Schneider’s SG Capital Management, John Osterweis’ Osterweis Capital Management, Jeffrey Gendell’s Tontine Asset Management, Paul Tudor Jones’ Tudor Investment Corp, and Cliff Asness’ AQR Capital Management.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Third Avenue Management 481,575 0 481,575 0 481,575 5.39%
Martin Whitman
Martin Whitman
Third Avenue Management

Page 1 of 2 – SEC Filing

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 


SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 11 )*


Cavco Industries, Inc.

(Name of Issuer)

Common Stock, $.01 Par Value

(Title of Class of Securities)

149568107

(CUSIP Number)

(Holdings as of May 31,
2016)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[X] Rule 13d-1(b)
[   ] Rule 13d-1(c)
[   ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

THIRD AVENUE MANAGEMENT LLC
(EIN 01-0690900)

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

(a)

 

(b)

 

3.

SEC Use Only

 

4.

Citizenship or Place of Organization: Third Avenue Management LLC  is a
Limited Liability Company organized under the laws of the State of Delaware.

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With

 

5.

Sole Voting Power: 481,575

 

6.

Shared Voting Power: 0

 

7.

Sole Dispositive Power: 481,575

 

8.

Shared Dispositive Power: 0

 

9.

Aggregate Amount Beneficially Owned by Each Reporting Person: 481,575

 

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

 

11.

Percent of Class Represented by Amount in Row (9): 5.39%

 

12.

Type of Reporting Person (See Instructions): IA

 



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