Alberta Investment Management Corp Has $3.46 Million Stock Position in Champion Homes, Inc. (NYSE:SKY)

Key Points

• Alberta Investment Management Corp reduced its stake in Champion Homes, Inc. by 22.3%, holding 36,502 shares worth approximately $3.46 million after selling 10,482 shares in the first quarter.
• Champion Homes announced a $50 million share repurchase program, indicating that the board believes the shares are undervalued.
• Analysts have recently adjusted their price targets for Champion Homes, with Royal Bank of Canada lowering its target from $96 to $82, reflecting a cautious outlook on the stock.

Alberta Investment Management Corp reduced its stake in Champion Homes, Inc. (NYSE:SKY - Free Report) by 22.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,502 shares of the company's stock after selling 10,482 shares during the quarter. Alberta Investment Management Corp owned about 0.06% of Champion Homes worth $3,459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital World Investors lifted 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 period. Ameriprise Financial Inc. lifted its stake in shares of Champion Homes 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. Capital Research Global Investors acquired a new position in shares of Champion Homes in the fourth quarter worth approximately $98,978,000. Congress Asset Management Co. lifted its stake in shares of Champion Homes by 8.8% in the first quarter. Congress Asset Management Co. now owns 661,578 shares of the company's stock worth $62,691,000 after acquiring an additional 53,543 shares during the period. Finally, Cramer Rosenthal Mcglynn LLC lifted its stake in shares of Champion Homes by 19.1% in the fourth quarter. Cramer Rosenthal Mcglynn LLC now owns 599,297 shares of the company's stock worth $52,798,000 after acquiring an additional 96,188 shares during the period.

Champion Homes Stock Up 6.5%

Shares of Champion Homes stock opened at $64.87 on Friday. Champion Homes, Inc. has a one year low of $59.44 and a one year high of $116.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.41 and a quick ratio of 1.61. The stock's 50-day moving average is $64.92 and its 200 day moving average is $82.94. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 18.97 and a beta of 1.13.

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

Champion Homes declared that its board has authorized a share repurchase program on Friday, May 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

SKY has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut their price objective on Champion Homes from $96.00 to $82.00 and set a "sector perform" rating on the stock in a research note on Wednesday, May 28th. Zelman & Associates upgraded Champion Homes from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Barclays cut their target price on Champion Homes from $97.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Champion Homes presently has a consensus rating of "Hold" and an average target price 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.

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