Assenagon Asset Management S.A. Decreases Holdings in Skyline Champion Co. (NYSE:SKY)

Assenagon Asset Management S.A. reduced its stake in Skyline Champion Co. (NYSE:SKY) by 38.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,366 shares of the company’s stock after selling 17,960 shares during the period. Assenagon Asset Management S.A.’s holdings in Skyline Champion were worth $2,688,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SKY. Vanguard Group Inc. boosted its holdings in Skyline Champion by 17.3% in the fourth quarter. Vanguard Group Inc. now owns 5,942,992 shares of the company’s stock worth $523,578,000 after acquiring an additional 876,712 shares in the last quarter. Capital World Investors boosted its stake in shares of Skyline Champion by 31.5% in the fourth quarter. Capital World Investors now owns 2,638,862 shares of the company’s stock worth $232,484,000 after acquiring an additional 632,718 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Skyline Champion by 17.2% in the fourth quarter. Ameriprise Financial Inc. now owns 1,646,482 shares of the company’s stock worth $145,055,000 after acquiring an additional 241,326 shares during the period. American Century Companies Inc. boosted its stake in Skyline Champion by 2.9% during the fourth quarter. American Century Companies Inc. now owns 1,411,769 shares of the company’s stock valued at $124,377,000 after buying an additional 39,262 shares during the last quarter. Finally, Capital Research Global Investors bought a new position in Skyline Champion during the fourth quarter valued at approximately $98,978,000.

Skyline Champion Stock Up 1.5%

Skyline Champion stock opened at $62.32 on Tuesday. Skyline Champion Co. has a twelve month low of $60.80 and a twelve month high of $116.49. The stock’s fifty day simple moving average is $79.80 and its 200-day simple moving average is $90.27. The company has a current ratio of 2.59, a quick ratio of 1.74 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $3.57 billion, a P/E ratio of 21.94 and a beta of 1.19.

Skyline Champion (NYSE:SKY) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.10). Skyline Champion had a net margin of 6.80% and a return on equity of 13.80%. The company had revenue of $593.87 million during the quarter, compared to analyst estimates of $595.42 million. During the same quarter in the prior year, the company earned $0.62 EPS. The business’s revenue was up .7% on a year-over-year basis. As a group, equities analysts expect that Skyline Champion Co. will post 3.63 earnings per share for the current fiscal year.

Skyline Champion declared that its Board of Directors has authorized a share buyback program on Friday, May 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

SKY has been the topic of several recent analyst reports. Barclays reduced their price target on Skyline Champion from $97.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 28th. Zelman & Associates upgraded Skyline Champion from a “strong sell” rating to a “hold” rating in a report on Thursday, June 5th. Finally, Royal Bank of Canada lowered their price objective on Skyline Champion from $96.00 to $82.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 28th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Skyline Champion has a consensus rating of “Hold” and an average target price of $80.60.

Skyline Champion Profile

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.