Skyline Champion (NYSE:SKY) Shares Gap Down Following Weak Earnings

Shares of Skyline Champion Co. (NYSE:SKY) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $58.63, but opened at $56.86. Skyline Champion shares last traded at $54.05, with a volume of 113,865 shares.

The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $464.24 million for the quarter, compared to analysts’ expectations of $458.57 million. Skyline Champion had a return on equity of 28.09% and a net margin of 14.32%. The firm’s revenue was down 42.5% on a year-over-year basis. During the same period last year, the company earned $2.51 earnings per share.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Skyline Champion from $61.00 to $62.00 and gave the company a “hold” rating in a report on Thursday, July 13th. Royal Bank of Canada increased their price target on Skyline Champion from $62.00 to $68.00 and gave the company a “sector perform” rating in a report on Wednesday, September 6th. Wedbush restated an “outperform” rating and set a $78.00 price target on shares of Skyline Champion in a report on Wednesday, September 27th. Craig Hallum increased their price target on Skyline Champion from $75.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 16th. Finally, StockNews.com assumed coverage on Skyline Champion in a report on Thursday, October 5th. They set a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Skyline Champion presently has a consensus rating of “Hold” and an average price target of $69.80.

Insider Buying and Selling at Skyline Champion

In other Skyline Champion news, Director Keith A. Anderson sold 5,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $73.26, for a total value of $366,300.00. Following the transaction, the director now owns 238,098 shares of the company’s stock, valued at approximately $17,443,059.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Keith A. Anderson sold 5,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $73.26, for a total transaction of $366,300.00. Following the transaction, the director now owns 238,098 shares of the company’s stock, valued at approximately $17,443,059.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy A. Burkhardt sold 4,113 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $71.04, for a total value of $292,187.52. Following the transaction, the vice president now directly owns 34,855 shares in the company, valued at approximately $2,476,099.20. The disclosure for this sale can be found here. Insiders have sold 19,113 shares of company stock valued at $1,384,888 in the last quarter. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Skyline Champion

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tucker Asset Management LLC purchased a new stake in shares of Skyline Champion during the 1st quarter worth $28,000. West Tower Group LLC purchased a new stake in shares of Skyline Champion during the 2nd quarter worth $57,000. Federated Hermes Inc. lifted its stake in shares of Skyline Champion by 1,610.0% during the 1st quarter. Federated Hermes Inc. now owns 1,026 shares of the company’s stock worth $77,000 after purchasing an additional 966 shares during the last quarter. US Bancorp DE lifted its stake in shares of Skyline Champion by 805.5% during the 1st quarter. US Bancorp DE now owns 1,150 shares of the company’s stock worth $87,000 after purchasing an additional 1,023 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Skyline Champion by 8,505.3% during the 1st quarter. Covestor Ltd now owns 1,635 shares of the company’s stock worth $90,000 after purchasing an additional 1,616 shares during the last quarter.

Skyline Champion Stock Down 5.0 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.59 and a current ratio of 4.39. The stock has a market capitalization of $3.18 billion, a PE ratio of 9.53 and a beta of 1.72. The business has a 50 day moving average of $64.56 and a two-hundred day moving average of $66.28.

About Skyline Champion

Skyline Champion Corporation produces and sells factory-built housing in North America. The company offers manufactured and modular homes, park models RVs, accessory dwelling units, and modular buildings for the multi-family and hospitality sectors. It builds homes under the 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 brands in the United States; and Moduline and SRI Homes brand names in western Canada.