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Insider Action, Earnings Results at Patrick Industries

January 13th, 2017 Comments off
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Credit: Patrick Industries.

In a major move at Patrick Industries, Inc. (NASDAQ:PATK), CEO Todd Cleveland sold 10,000 shares of stock on January 6th.

At an average price of $80.16, the total value of the transaction was $801,600.00, per Sports Perspectives.

Post-sale, Cleveland now owns 344,998 shares in the company, valued at approximately $27.6 million.

During its most recent earnings call on October 27th, Patrick Industries reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76. The company had revenues of $304.20 million for the quarter, compared to the consensus estimate of $280.60 million.

The company had a net margin of 4.60 percent and a return on equity of 35.44 percent, with revenue for the quarter up 41.6 percent compared to the same period last year.

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Patrick Industries 1 year view. Credit: Bloomberg.

Overall, we’re pleased with our sales and earnings results for the first nine months of 2016 and optimistic about the continued growth as we head into the remainder of the year, both in the short and long-term as we continue to build on the momentum in the industries we serve,” said Cleveland.

The strategic acquisitions we made during 2015 and thus far in 2016 both increased our scale in existing markets and open the door into new markets within a North American footprint, which is now expanded to 16 states.

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Todd Cleveland. Credit: Patrick Industries.

Cleveland also commented on potential future activity.

Our pipeline continues to be full with acquisition opportunity across all three markets we serve including adjacent markets, and we have the capacity to continue to grow our business and bring new innovative product lines to existing customer base and the customers we’ve not yet reached,” said Cleveland.

In terms of our outlook for the remainder 2016 as we head into the fourth quarter, we expect to see similar seasonal demand patterns experienced in prior years,” Cleveland said.

“Our discipline execution goals, continue to be focused around taking care of the customer base with the highest quality products and customer service opening up capacity to plan our future growth, drive organizational strategic agenda and utilize our capital allocation strategy to strategically grow the business, additionally, our teams align to increase customer awareness of the breath the products we can provide, expand operations in targeted regional territories and drive shareholder value by generating improved operating income, net income earnings per share and free-cash flow.

As Daily Business News and MHProNews readers know, Patrick Industries is a leading manufacturer of building products and materials to the Recreational Vehicle and Manufactured Housing Industries in the United States.  The firm was founded in 1959.

For the most recent closing numbers on Patrick Industries and all MH industry-connected tracked stocks, please click here.  To read about a major award presented to the firm recently, click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MH Communities Giant Equity LifeStyle Properties Investors, Stock Moves

December 9th, 2016 Comments off
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Credit: Wikicommons.

Equity Lifestyle Properties, Inc. (NYSE:ELS) saw Australia-based investment firm Revolution Capital Ltd. reduce its stake in the company by 5.84 percent in Q3.

With the reduction, Revolution Capital still holds a sizable 1.01 million-share stake in ELS valued at $77.7 million. ELS has a current market cap of $6 billion, and has seen its stock price decline 1.89 percent since May and underperform the S&P 500 by over eight percent.

According to the Chester Independent, analysts are pointing to the next ELS earnings report on January, 23, where they expect $0.80 earnings per share (EPS), up 8.11 percent or $0.06 from last year’s $0.74 per share.

EquityLifeStylePropertiesSeesInvestorsStockPriceMakeMovescreditbloomberg-postedtothedailybusinessmhpronewsmhlivingnews

ELS 1 year view. Credit: Bloomberg.

ELS’s profit will be $69.12M for 21.70 P/E if the $0.80 EPS becomes a reality. After $0.83 actual EPS reported for the previous quarter, Wall Street now forecasts -3.61 percent negative EPS growth.

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Analysts have also provided ratings guidance recently:

  • Robert W. Baird upgraded ELS on November 21 to “outperform.
  • BB&T Capital provided a “hold” rating on November 10.
  • Zacks provided a “buy” rating on September 7th.

The Daily Business News recently profiled ELS and their Q3 earnings results here.

els country club calif posted Daily Business News Manufactured Housing Industry Professional News.

ELS California country club style community, photo credit, ELS.

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Marguerite Nader. Credit: Bloomberg.

As manufactured housing professionals, investors and enthusiasts know, ELS is a REIT – a Real Estate Investment Trust – and is one of the largest owner/operators of manufactured home communities and RV parks in the nation. ELS is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. ##

(Editor’s Note: for A Cup of Coffee interview with ELS CEO Nader, click here.)

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Cavco Investor$ Modify Holdings, Analysts Provide Ratings

November 30th, 2016 Comments off
cavcoindustriesreportsq2resultscreditcavco-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Cavco Industries.

Cavco Industries Inc. (NASDAQ:CVCO) has seen several investors make moves in their positions in the company.

Granite Investment Partners, LLC decreased its stake in the company by 24.3 percent during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission.

The firm owned 26,194 shares after selling 8,393 shares during the period worth $2,595,000.

Other institutional investor moves include:

  • Teacher Retirement System of Texas increased its stake by 14.3 percent in the second quarter.
  • Mason Street Advisors, LLC purchased a new stake in the company during the second quarter valued at approximately $152,000.
  • JPMorgan Chase & Co. increased its stake by 1,925.30 percent in the second quarter. JPMorgan Chase now owns 2,005 shares of the company’s stock valued at $188,000.
  • BNP Paribas Arbitrage SA purchased a stake in the company during the second quarter valued at approximately $243,000.
  • Capstone Asset Management Co. purchased a stake in the company during the second quarter valued at approximately $249,000.
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Credit: The Cerbat Gem.

According to the Cerbat Gem, hedge funds and other institutional investors own 94.88 percent of Cavco stock.

Cavco has earned an average broker rating score of “hold” from Zacks Investment Research, and brokerages have set a 12-month consensus price target of $114.00 for the company.

Sidoti issued a “neutral” rating for Cavco and a $114.00 price target on the stock in a report on September 7th.

cavcoinvestorsmodifyholdingsanalystsprovideratingscreditbloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Cavco one year view. Credit: Bloomberg.

As Daily Business News readers are aware, Phoenix, AZ-based Cavco Industries is one of the largest producers of manufactured homes, as well as a builder of modular and park model homes, vacation cabins and commercial structures. Factory-built homes are designed and produced under such brand names as Cavco Homes, Fleetwood Homes and Palm Harbor Homes.

Cavco was also recently featured as British insurance giant Legal & General made moves in its stake in the company, and is one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sun Communities Downgraded

October 11th, 2016 Comments off
suncommunitiesoffices-creditsun-posteddailybusinessnews-mhpronews

Credit: Sun Communities website.

Zacks Investment Research cut shares of Sun Communities Inc. (NYSE:SUI) from a “buy” to “hold” rating in a memo issued to investors on October 5th, according to The Cerbat Gem.

As regular Daily Business News readers already know, Sun owns and operates 338 manufactured home and recreational vehicle communities located in 29 states throughout of the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm has one of largest portfolios of Manufactured Home Community owner/operators in the United States.

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Image credit, Zacks.

As was previously covered here, a number of other analysts have also commented on Sun Communities, then also including Zacks which moved Sun from a “hold” to a “buy” rating on July 27th, with an $87.00 price target on the stock:

  • TheStreet lowered Sun Communities from a buy rating to a hold rating in a report on August 26th.
  • Citigroup Inc. lifted their price target on Sun Communities from $70.00 to $80.00 and gave the stock a neutral rating in a report on July 7th.
  • BMO Capital Markets upgraded Sun Communities from a market perform rating to an outperform rating and set a $85.00 price target on the stock in a report on September 16th.

Two analysts have rated the stock with a hold rating and three have given a buy rating to the company.

The company has an average rating of “buy” and a consensus price target of $83.00.

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The Cerbat Gem reports that Sun Communities last posted its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03.

SunCommunitiesDowngradedbyZacksInvestmentResearchto Holdsunmetricscreditbloomberg-postedtoDalyBusinessNews

Credit: Bloomberg.

SunCommunitiesDowngradedbyZacksInvestmentResearchto Holdsunmetricscreditbloomberg-postedtoDalyBusinessNews

Credit: Bloomberg.

manufacturedhomemodelhomeinteriorsuncommunities-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities had a return on equity of 8.30% and a net margin of 19.60%. The company had revenue of $140 million for the quarter, compared to analyst estimates of $165.78 million. During the same quarter last year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts expect that Sun Communities will post $3.76 EPS for the current fiscal year.

More coverage of Sun Communities, including the recent significant investment in the company by Shinko Asset Management Co, can be found here.

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Image credits, Shinko corp website.

Sun is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

Editor’s Note – Other Sun Communities – recent reports – as downloadable resources:

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

 

 

Trent Williams loves UFPI – Zacks says Hold on! – plus Insider Trades…

September 22nd, 2016 Comments off
universalforestproductsufpi-bizcard-postedmanufacturedhousingindustrydailybusinessnews-mhpronews

Business card made of wood. Image credit, UFPI.

Universal Forest Products, Inc. (UFPI) was recently listed as one of four homebuilder stocks to buy, according to Zacks Equity Research.

This month, the National Association of Home Builders and Wells Fargo said the builder sentiment increased to 65 from a reported 59 in August. September’s 65 sentiment rating is at its highest since last October, 2015.

The jump has also proved to have a positive impact on investor sentiment.

Grand Rapids, MI-based UFPI manufactures, treats and distributes lumber products for the do-it-yourself, manufactured housing, wholesale lumber and industrial markets.  The stock has an expected EPS (earnings per share) growth rate of 10% over the next three to five years.

Zacks cautions that despite the positive outlook, the company could face some adversity due to geopolitical issues, strong competition, adverse foreign currency movements and higher costs and expenses.

UFPI was one of the top gainers yesterday, along with Equity Lifestyle Properties (ELS), according to the Daily Business News/Bloomberg manufactured housing related stocks tracking report.

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Bloomberg ticker on the Daily Business News, Manufactured Housing Related Stock Markets Report, MHProNews.

Although the company was downgraded from “strong buy” to a “hold” rating by Zacks, the Community Financial News’ Trent Williams, financial research group believes UFPI’s future is, “bright.

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Photo credits, UFPI.

Insider Trades

Other recent UFPI transactions include CEO Matthew J. Missad’s sale of 400 shares of stock for $102.75 a share, for a total transaction of $41,100. Missad currently owns 55,559 shares of UFPI, which are valued at $5,708,687.25. Executive Vice President Robert D. Coleman also sold UFPI stock (2,500 shares).

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1 Year snapshot of UFPI performance, Bloomberg.

The acquisition of Idaho Western and having Robbins Manufacturing Co. on the books is believed to increase UFPI’s revenue by $100 million every year. UFPI also recently acquired manufacturer idX Corp. and has set long-term goals like sales growth of approximately 4% to 6% over positive GDP growth. There are also expectations that new product sales will make up at least 10% of total sales. UFPI, a holding company, is one of the manufactured housing industry connected stocks tracked by the Daily Business News market report, yesterday’s is linked here. ##

(Images credits are as shown above.)

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Joe Dyton, for the Daily Business News, MHProNews.

Submitted by Joe Dyton to the Daily Business News, MHProNews.

Analysis – Mid-America Apartment Communities vs. Sun Communities, Head-to-Head Comparison

September 2nd, 2016 Comments off
MIDAmericaVsSunCommunitiescreditCMLviz-postedDailyBusinessNews-MHProNews-

NOTE: if you hear sounds coming on, scroll down to the FEMA manufactured housing report, and push PAUSE on the video. Sorry, but that video only offered an autoplay function. MHProNews produced videos do not do that… image above, credit – CMLViz.com

CML News recently took a deep dive into a head-to-head comparison between Memphis, TN-based Mid-America Communities, Inc. (NYSE: MAA) and Southfield, MI-based Sun Communities, Inc. (NYSE: SUI).

After a side-by-side comparison of both communities’ revenue growth, earnings, revenue per employee, operating margins, free cash flow and valuation, CML News determined Sun Communities was the stronger of the two by 51 to 46, based on its 100-point scoring system.

As for the metrics, Mid-America had an edge in revenue, as well as revenue per employee and margins. However, Sun Communities had an enormous advantage in revenue growth and a slight edge in stock market prices to score the “win.”

A Closer Look

Comparing Mid-America and Sun Communities:

  • both had positive earnings over the past year, with a slight edge going MAA.
NetIncomeMAAvSUIcredit-CMLViz-postedDailyBusinessNewsMHProNews

Credit – CMLViz.

  • Mid-America performed significantly better than Sun Communities in the revenue and per employee metric, $530,000 to $376,000.
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Credit – CMLViz.

  • The companies were closer when it came to revenue earned to expense ratio (MAA produced $1.40 for every dollar to Sun Community’s $1.15).

 

  • MAA also got the edge in free cash flow for every $1 of revenue ($0.48 to $0.30)
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Manufactured home communities have traditionally been attractive due to lower expense ratios, and the fact that most communities featured home-owner occupied housing. Today, many MHC companies, including SUN, have rental units besides home owner owned manufactured homes that occupy leased home site. While using rental housing is debated by some in MHC circles, this offers the advantage of creating upside cash flow when an operator buys a community with sizable vacancy, and can rapidly fill them with rentals. Chart credit, CMLViz.

  • Sun Communities is growing its revenue much faster than Mid-America—MAA sees stock market prices of $6.64 for every $1 in revenue, compared to Sun Communities, which has a $7.17 market cap.
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Credit CMLViz.

Sun Communities on the Rise?

The Sun Communities victory was not the only good news it received from third-party commentary recently.

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Zacks logo.

Based on a recent report by investor site Zack’s Community Research, Sun Communities has seen some recent struggles.  But Zack’s take is that there is light at the end of the tunnel. The company saw a recent Hammer Chart Pattern—an indicator that’s used in candlestick charting.

Basically, a hammer chart pattern will reveal itself when a stock falls during the day, but gets stronger at another point in the day and actually comes close to or exceeds the opening price.

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Graphic Credit – Online Trading.

The optimism for Sun Communities comes from the fact that its stock just may have it its lowest points and better days are ahead.

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Image above, Bloomberg Ticker for Daily Business News, MHProNews MH connected market report.

As most manufactured home professionals and many investors know, SUN is one of the largest owner/operators of manufactured home communities in the U.S., and is a Real Estate Investment Trust (REIT) that is part of the Daily Business News market report.

Sun has come on strong in recent years, including a 1.2-billion-dollar acquisition, followed by other sizable buys in the hot manufactured home community space.

For a previous report on SUN, and how it beat analysts’ estimates, click here. ##

(Image credits as shown above.)

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Joe Dyton, for the Daily Business News, MHProNews.

Submitted by Joe Dyton to the Daily Business News, MHProNews.com.

Patrick COO Rodino Sells 20k Shares of Stock

March 12th, 2016 Comments off

patrick_industries__elkharttruth__Emily_Pfund__credditMHProNews has learned from hilltopmhc that Chief Operating Officer (COO) of Patrick Industries, Inc. (NASDAD:PATK) Jeff Rodino sold 20,000 shares of company stock, as disclosed in a filing with the Securities and Exchange Commission (SEC). Sold at an average price of $43.94, the transaction was valued at $878,000.00.

The COO now owns 86,530 shares of Patrick stock valued at $3,802,128.20. Patrick closed down -!.23 percent at $42.81 on Fri., March 11.

At its last announcement of quarterly earnings on Feb. 18, 2016, Patrick reported earnings per share (EPS) of $0.78 for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.23. While analysts estimated $241.70 million revenue for the quarter, actual revenue was $248.70 million.

Headquartered in Elkhart, IN, Patrick is a component supplier to the manufactured housing and recreational vehicle industries. ##

(Photo credit: elkharttruth/Emily Pfund–Patrick Industries, Inc. headquarters)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews..

Cavco to Release Quarterly Financials Jan. 27

January 25th, 2016 Comments off

cavco-lapsiding-manufactured-homeCavco Industries, Inc. (NASDAQ:CVCO) is set to announce its earnings results for the most recent quarter on Wed., Jan. 27, 2016, with analysts expecting the company to announce $0.80 earnings per share (EPS), according to emqtv. The company last released its quarterly financials on Thurs., Oct. 29, 2015 reporting EPS of $0.89 for the quarter, beating the Zacks consensus by $0.14 EPS.

The revenue for that quarter was 37.8 percent higher than the comparable quarter of a year earlier, and beat analysts estimates by 12 percent, which in turn caused the stock to spike.

Analysts expect Cavco to report EPS of $3.05 the current fiscal year and $4.00 for the next FY.

MHProNews understands Cavco is one of the largest producers of manufactured homes in the United States, and also manufactures park model homes, vacation cabins, modular homes and systems-built commercial structures. The company offers financing and insurance to purchasers of homes. ##

(Image credit: Cavco Industries, Inc.–lapsided home)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Zacks Posits UFPI will Realize Solid Growth, Issues Strong Buy

November 25th, 2015 Comments off

ufpi_eovations__wooc_composite_woodworkingnetwork__creditWith strengthening demand in the U. S. construction market, especially in commercial construction, including housing starts that are expected to remain strong, Universal Forest Products, Inc. (NYSE:UFPI) is well-poised to reap benefits, according to what Zacks tells MHProNews. UFPI anticipates $3 billion in sales by 2017

UFPI will likely gain this year from its retail building material unit, increases in home improvement spending and additions of product to its line. The housing and construction sector will gain from the expansion of distribution capacities in the manufactured housing market, increasing housing starts and growing demand in commercial construction and concrete forming business.

In 2015, UFPI anticipates $190 million in sales from new product sales, with the expectation that number will grow to $250 million by 2017.

Zacks has issued a strong buy–Rank #1–on UFPI stock.

As MHProNews knows, UFPI manufactures, treats, distributes and installs lumber, composite wood, plastic and additional building products to the manufactured housing industry. ##

(Photo credit: woodworkingnetwork–Universal Forest Products, Inc. wood composite product)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Starts Fall in October, while Building Permits Rise

November 20th, 2015 Comments off

new home const   sue orgocki  associated press  creditFollowing numbers from the National Association of Home Builders (NAHB) that show builder confidence slipped three points in October, zacks tells MHProNews that figures released by the Department of Housing and Urban Development (HUD) and the Census Bureau reveal housing starts in October dropped 11 percent to a seasonally-adjusted annual rate (SAAR) of 1.06 million units.

Hitting the lowest level since March 2015, the October drop was lower than expectations, and may have been in part due to construction delays in the South as the result of flooding.

Single-family housing starts declined 2.4 percent, while multifamily starts, which were strong enough in recent months to put a positive spin on the housing market, plummeted 25.1 percent. Moreover, housing starts declined 1.8 percent year-over-year.

Somewhat offsetting to the housing starts drop, building permits rose 4.1 percent in October over the previous month, which may indicate construction activity may be stronger in November. Permits rose 2.4 percent for single-family homes and 6.8 percent for multi-family, indicating the continuing demand for apartments. Also, permits rose 2.7 percent year-over-year.

Analysts see the slow down in November as a temporary, and perhaps, seasonal setback, since the fourth quarter is typically the slowest for construction activity due to the cooler weather.

Overall, the improving economy and job market, combined with low interest rates, helped spur the housing market into a good year in 2015, and economists sense the momentum may carry into 2016. ##

(Photo credit: associatedpress/Sue Orgocki–new home construction)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.