Bank of New York Mellon Corp Reduces Holdings in Champion Homes, Inc. (NYSE:SKY)

Bank of New York Mellon Corp lowered its stake in Champion Homes, Inc. (NYSE:SKY) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 339,232 shares of the company’s stock after selling 11,828 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Champion Homes worth $32,146,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Capital Research Global Investors purchased a new position in Champion Homes in the 4th quarter worth approximately $98,978,000. Vanguard Group Inc. grew its stake in shares of Champion Homes 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 during the last quarter. Norges Bank purchased a new stake in shares of Champion Homes in the fourth quarter worth $69,346,000. Capital World Investors grew its stake in shares of Champion Homes 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 last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Champion Homes by 17.2% during the fourth quarter. Ameriprise Financial Inc. now owns 1,646,482 shares of the company’s stock valued at $145,055,000 after purchasing an additional 241,326 shares in the last quarter.

Champion Homes Price Performance

NYSE:SKY opened at $63.68 on Wednesday. The stock has a market cap of $3.65 billion, a PE ratio of 18.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.61 and a current ratio of 2.41. Champion Homes, Inc. has a one year low of $59.44 and a one year high of $116.49. The stock has a 50 day moving average price of $71.38 and a 200 day moving average price of $85.08.

Champion Homes (NYSE:SKY) last posted its earnings results on Tuesday, May 27th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.10). The firm had revenue of $593.87 million for the quarter, compared to analyst estimates of $595.42 million. Champion Homes had a return on equity of 13.61% and a net margin of 7.99%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 EPS. Equities research analysts expect that Champion Homes, Inc. will post 3.63 EPS for the current fiscal year.

Champion Homes declared that its board has initiated a stock buyback program on Friday, May 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Barclays reduced their price target on Champion Homes from $97.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 28th. Royal Bank Of Canada dropped their target price on Champion Homes from $96.00 to $82.00 and set a “sector perform” rating for the company in a report on Wednesday, May 28th. Finally, Zelman & Associates upgraded Champion Homes from a “strong sell” rating to a “hold” rating in a report on Thursday, June 5th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Champion Homes has a consensus rating of “Hold” and a consensus price target of $80.60.

Champion Homes 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.