Skyline Champion (NYSE:SKY) Shares Gap Up on Earnings Beat

Skyline Champion Co. (NYSE:SKY)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $74.45, but opened at $80.00. Skyline Champion shares last traded at $84.29, with a volume of 73,241 shares.

The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.22. The business had revenue of $627.80 million for the quarter, compared to the consensus estimate of $600.39 million. Skyline Champion had a return on equity of 13.32% and a net margin of 7.24%. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SKY. Craig Hallum decreased their price objective on Skyline Champion from $88.00 to $84.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Royal Bank of Canada decreased their price objective on Skyline Champion from $73.00 to $68.00 and set a “sector perform” rating for the company in a report on Thursday, May 23rd. Barclays reduced their price target on Skyline Champion from $76.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, May 29th. StockNews.com cut Skyline Champion from a “hold” rating to a “sell” rating in a report on Thursday, May 23rd. Finally, Wedbush reissued a “neutral” rating and set a $72.00 target price on shares of Skyline Champion in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $73.00.

Insider Activity

In other Skyline Champion news, insider Timothy Mark Larson sold 3,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.98, for a total transaction of $251,930.00. Following the completion of the sale, the insider now owns 48,800 shares of the company’s stock, valued at $3,512,624. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Timothy Mark Larson sold 3,500 shares of Skyline Champion stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.98, for a total value of $251,930.00. Following the completion of the sale, the insider now directly owns 48,800 shares of the company’s stock, valued at $3,512,624. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Joseph A. Kimmell sold 10,042 shares of Skyline Champion stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $70.12, for a total value of $704,145.04. Following the sale, the executive vice president now directly owns 47,262 shares of the company’s stock, valued at $3,314,011.44. The disclosure for this sale can be found here. Company insiders own 6.90% of the company’s stock.

Institutional Trading of Skyline Champion

A number of institutional investors have recently bought and sold shares of SKY. Quest Partners LLC purchased a new stake in shares of Skyline Champion in the 2nd quarter valued at about $372,000. Arizona State Retirement System lifted its holdings in shares of Skyline Champion by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 15,359 shares of the company’s stock valued at $1,041,000 after purchasing an additional 324 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Skyline Champion by 46.0% in the 2nd quarter. Victory Capital Management Inc. now owns 669,895 shares of the company’s stock valued at $45,385,000 after purchasing an additional 211,099 shares during the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Skyline Champion in the 2nd quarter valued at about $217,000. Finally, Rhumbline Advisers lifted its holdings in shares of Skyline Champion by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 86,947 shares of the company’s stock valued at $5,891,000 after purchasing an additional 2,449 shares during the last quarter.

Skyline Champion Price Performance

The company has a current ratio of 2.36, a quick ratio of 1.54 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $4.91 billion, a PE ratio of 33.19 and a beta of 1.57. The company has a fifty day moving average price of $72.18 and a two-hundred day moving average price of $76.37.

Skyline Champion Company 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.