Skyline Champion Co. (NYSE:SKY – Get Free Report) shares rose in pre-market trading on Wednesday following a better-than-expected earnings release. The stock had previously closed at $74.45, but opened at $80.00. Skyline Champion shares were last seen trading at $84.29, with volume of 73,241 shares.
The company reported earnings per share of $0.91 for the quarter, beating analysts’ consensus estimates of $0.69 by $0.22. The company had revenue of $627.80 million for the quarter, compared to analyst estimates of $600.39 million. Skyline Champion had a return on equity of 13.32% and a net margin of 7.24%. Skyline Champion’s quarterly revenue grew 35.1% compared to the year-ago quarter. During the same period last year, the company posted earnings per share of $0.89.
Upgrades and downgrades by analysts
SKY has been the subject of a number of research analyst reports. Craig Hallum lowered his price target on shares of Skyline Champion from $88.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, May 23. Royal Bank of Canada lowered their price target on shares of Skyline Champion from $73.00 to $68.00 and gave the stock a “sector perform” rating in a report on Thursday, May 23. Barclays lowered their price target on Skyline Champion from $76.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, May 29. Wedbush reiterated a “neutral” rating and issued a $64.00 price target on shares of Skyline Champion in a research note on Wednesday. Finally, StockNews.com downgraded Skyline Champion from a “hold” rating to a “sell” rating in a research note on Thursday, May 23. One investment analyst has rated the stock with a “sell,” three have given a “hold” rating and one has given a “buy” rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $71.00.
Check out our latest stock analysis on SKY
Insider activity
In other news, EVP Joseph A. Kimmell sold 10,042 shares of the company’s stock in a transaction that occurred on Thursday, May 30. The shares were sold at an average price of $70.12, for a total value of $704,145.04. Following the completion of the transaction, the executive vice president now directly owns 47,262 shares of the company’s stock, valued at $3,314,011.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Joseph A. Kimmell sold 10,042 shares of the company’s stock in a transaction that occurred on Thursday, May 30. The shares were sold at an average price of $70.12, for a total value of $704,145.04. Following the transaction, the executive vice president now directly owns 47,262 shares of the company’s stock, valued at approximately $3,314,011.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Timothy Mark Larson sold 3,500 shares of the company’s stock in a transaction that took place on Friday, June 14. The shares were sold at an average price of $71.98, for a total transaction of $251,930.00. Following the transaction, the insider now owns 48,800 shares of the company’s stock, valued at $3,512,624. The disclosure regarding this sale can be found here. 6.90% of the shares are owned by company insiders.
Institutional investors comment on Skyline Champion
Hedge funds and other institutional investors have recently made changes to their holdings in the stock. Headlands Technologies LLC acquired a new stake in Skyline Champion in the first quarter valued at about $63,000. Kessler Investment Group LLC acquired a new stake in Skyline Champion in the fourth quarter valued at about $123,000. Blue Trust Inc. increased its stake in Skyline Champion by 77,800.0% in the second quarter. Blue Trust Inc. now owns 3,116 shares of the company’s stock valued at $211,000 after acquiring an additional 3,112 shares during the same period. Cannon Global Investment Management LLC acquired a new stake in Skyline Champion in the second quarter valued at about $217,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in Skyline Champion in the fourth quarter valued at about $219,000.
Skyline Champion trading up 11.0%
The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.54 and a current ratio of 2.36. The stock has a market cap of $4.78 billion, a P/E ratio of 32.55 and a beta of 1.57. The stock has a 50-day moving average price of $72.45 and a 200-day moving average price of $76.42.
Company profile of Skyline Champion
(Get free report)
Skyline Champion Corporation manufactures and sells manufactured homes in North America. The company offers manufactured and modular homes, mobile home park models, accessory dwelling units and modular buildings for the multifamily and hospitality sectors. It builds homes under the brand names Skyline Homes, Champion Home Builders, Genesis Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest and Titan Homes in the United States and under the brand names Moduline and SRI Homes in Western Canada.
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