Skyline Champion (NYSE:SKY) Shares Gap Up on Better-Than-Expected Earnings

Skyline Champion Co. (NYSE:SKY) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $92.75, but opened at $98.41. Skyline Champion shares last traded at $101.20, with a volume of 14,784 shares.

The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.24. Skyline Champion had a return on equity of 13.20% and a net margin of 6.42%.

Analyst Ratings Changes

SKY has been the subject of a number of recent research reports. Barclays lifted their price objective on Skyline Champion from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Craig Hallum lifted their price objective on Skyline Champion from $92.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price objective on Skyline Champion from $79.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada lifted their price objective on Skyline Champion from $82.00 to $88.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $85.40.

Institutional Trading of Skyline Champion

Several hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Skyline Champion by 32.3% in the third quarter. FMR LLC now owns 1,491,907 shares of the company’s stock worth $141,507,000 after acquiring an additional 363,885 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Skyline Champion in the third quarter worth about $27,769,000. Principal Financial Group Inc. boosted its stake in shares of Skyline Champion by 5,843.2% in the fourth quarter. Principal Financial Group Inc. now owns 256,924 shares of the company’s stock worth $22,635,000 after acquiring an additional 252,601 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Skyline Champion by 80.7% in the fourth quarter. Bank of New York Mellon Corp now owns 351,060 shares of the company’s stock worth $30,928,000 after acquiring an additional 156,757 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of Skyline Champion by 118.8% in the third quarter. Cerity Partners LLC now owns 188,767 shares of the company’s stock worth $17,905,000 after acquiring an additional 102,506 shares during the period.

Skyline Champion Stock Performance

The stock has a market cap of $5.83 billion, a P/E ratio of 39.07 and a beta of 1.62. The business has a 50 day moving average price of $94.69 and a two-hundred day moving average price of $92.15. The company has a quick ratio of 1.64, a current ratio of 2.42 and a debt-to-equity ratio of 0.02.

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.