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

Skyline Champion Co. (NYSE:SKY)’s share price 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 traded.

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%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SKY. Craig Hallum raised their price objective on shares of Skyline Champion from $92.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays boosted their target price on shares of Skyline Champion from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Jefferies Financial Group boosted 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 target price on Skyline Champion from $82.00 to $88.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $85.40.

Institutional Trading of Skyline Champion

Several hedge funds have recently made changes to their positions in SKY. Squarepoint Ops LLC bought a new stake in Skyline Champion during the 2nd quarter valued at $327,000. Millennium Management LLC grew its stake in Skyline Champion by 75.8% during the second quarter. Millennium Management LLC now owns 78,370 shares of the company’s stock valued at $5,310,000 after acquiring an additional 33,794 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Skyline Champion by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 32,642 shares of the company’s stock worth $2,211,000 after purchasing an additional 1,064 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Skyline Champion by 86.4% in the 3rd quarter. SG Americas Securities LLC now owns 12,903 shares of the company’s stock valued at $1,224,000 after purchasing an additional 5,979 shares during the period. Finally, CWM LLC grew its position in shares of Skyline Champion by 7.4% during the 3rd quarter. CWM LLC now owns 2,286 shares of the company’s stock valued at $217,000 after purchasing an additional 158 shares in the last quarter.

Skyline Champion Trading Up 13.5 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.42 and a quick ratio of 1.64. The stock has a market cap of $6.04 billion, a P/E ratio of 40.64 and a beta of 1.62. The firm’s fifty day moving average price is $94.72 and its two-hundred day moving average price is $92.24.

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.