On September 3, 2023, it was reported that Wellington Management Group LLP had reduced its position in shares of Skyline Champion Co. (NYSE:SKY) by 13.9% during the first quarter of the year. According to the 13F filing with the Securities and Exchange Commission, the fund sold 1,109,321 shares, leaving them with a total of 6,845,850 shares in ownership. As per their most recent SEC filing, Wellington Management Group LLP’s stake in Skyline Champion amounted to approximately $515,013,000 or about 12.00% of the company’s worth.
Skyline Champion recently announced its earnings results for the quarter ending on August 1st. The company revealed earnings per share (EPS) of $0.89 for the quarter, surpassing analysts’ consensus estimates of $0.78 by $0.11. Despite this positive outcome, Skyline Champion experienced a decline in revenue during this period. The company generated $464.77 million in revenue compared to analyst expectations of $463.48 million. This indicates a decrease of 36.0% in revenue compared to the same quarter last year.
However, it is important to note that Skyline Champion maintains a healthy return on equity of 28.09%, reflecting its efficient utilization of shareholder investments and assets to generate profits. Additionally, the company has maintained a net margin of 14.32%, indicating its ability to effectively manage costs and maintain profitability.
Analysts predict that Skyline Champion Co.’s earnings for the current fiscal year will reach approximately $3.67 per share when considering all equity performance projections as a group.
These recent developments in Skyline Champion Co.’s shareholding and financial performance provide investors and market observers with useful insights into the company’s trajectory within the industry sector it operates in as well as its ability to deliver value to shareholders amidst changing market conditions.
Positive Sentiment and Analyst Ratings Boost Skyline Champion’s Prospects
Institutional investors and hedge funds have been making notable changes to their positions in Skyline Champion, a leading company in the housing industry. William Blair Investment Management LLC has increased its holdings in shares of Skyline Champion by 9.5% during the first quarter. This move has seen the company now owning 859,905 shares, amounting to approximately $64,691,000.
Panagora Asset Management Inc. has also raised its position in Skyline Champion by 7.7% during the same period. With an additional 10,314 shares purchased, Panagora Asset Management now owns 144,628 shares valued at $10,880,000.
Further additions to investments were made by First Republic Investment Management Inc., which increased its position by 11.9%, and Charles Schwab Investment Management Inc., who raised its position by 3.1%. These moves demonstrate confidence in the prospects of Skyline Champion within the market.
Additionally, Tucker Asset Management LLC has recently acquired a new position in Skyline Champion worth approximately $28,000.
These actions from prominent investors indicate a positive sentiment towards Skyline Champion and its future growth potential.
Analysts have also weighed in on the prospects of Skyline Champion’s stock. Craig Hallum raised their price objective for Skyline Champion from $75.00 to $81.00 and gave it a “buy” rating based on their research report released on August 16th.
Wedbush reissued an “outperform” rating for Skyline Champion with a price objective of $78.00 on August 15th.
StockNews.com initiated coverage on Skyline Champion and offered a “hold” rating on the stock on August 17th.
Royal Bank of Canada, however, lowered their price objective for Skyline Champion from $63.00 to $62.00 and provided it with a “sector perform” rating on August 3rd.
Similarly, Jefferies Financial Group raised their price objective for Skyline Champion from $61.00 to $62.00 and gave it a “hold” rating on July 13th.
With four investment analysts rating the stock as hold and two assigning a buy rating, Bloomberg.com reports that Skyline Champion currently has a consensus rating of “Hold” and a consensus target price of $68.60.
In other news, Director Keith A. Anderson sold 10,000 shares of Skyline Champion stock on August 30th at an average price of $72.64, totaling $726,400. After this transaction, Anderson now directly owns 238,098 shares valued at approximately $17,295,438.72.
According to the Securities & Exchange Commission filing available on their website, insiders own 7% of Skyline Champion’s stock.
As of Friday’s market opening, shares of NYSE SKY were trading at $71.27 per share. The company’s 52-week range spans from a low of $44.68 to a high of $76.82.
Skyline Champion boasts a market capitalization worth over $4 billion with a price-to-earnings ratio standing at 12.20 and a beta value of 1.72.
The company enjoys favorable financials with its debt-to-equity ratio recorded at an admirable low figure of 0.01.
Moreover, Skyline Champion exhibits strong liquidity indicators with quick and current ratios measuring well above industry averages at 3.59 and 4.39 respectively.
Notably, the stock holds steady performance characteristics with its 50-day simple moving average reported as $66.59 and its 200-day simple moving average recorded as $67.86.
These statistics suggest that Skyline Champion is positioned well within its sector and is poised for further growth in the future.