Bank of New York Mellon Corp Reduces Stock Holdings in Champion Homes, Inc. $SKY

Key Points

• Bank of New York Mellon reduced its Champion Homes stake by 3.8% in the first quarter, selling 12,602 shares and retaining 314,873 shares worth approximately $23.4 million.
• Other institutional investors generally increased their positions, including Millennium Management, which boosted its holdings by 712%, and Invesco, which raised its stake by 150.6%.
• Champion Homes reported quarterly adjusted earnings of $0.68 per share and revenue of $621.28 million, beating estimates and recording 15.2% year-over-year revenue growth. Analysts maintain a “Moderate Buy” consensus with an average $95 price target, compared with the stock’s $83.41 price.

Bank of New York Mellon Corp trimmed its position in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 314,873 shares of the company's stock after selling 12,602 shares during the period. Bank of New York Mellon Corp owned 0.57% of Champion Homes worth $23,417,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Champion Homes by 66.1% during the 1st quarter. Royal Bank of Canada now owns 10,804 shares of the company's stock worth $1,024,000 after acquiring an additional 4,301 shares during the period. AQR Capital Management LLC purchased a new stake in shares of Champion Homes during the 1st quarter valued at approximately $294,000. Millennium Management LLC boosted its holdings in Champion Homes by 712.0% in the 1st quarter. Millennium Management LLC now owns 70,029 shares of the company's stock worth $6,636,000 after buying an additional 61,405 shares during the period. Hsbc Holdings PLC purchased a new position in Champion Homes in the 2nd quarter valued at approximately $408,000. Finally, Invesco Ltd. raised its holdings in Champion Homes by 150.6% during the 2nd quarter. Invesco Ltd. now owns 655,107 shares of the company's stock valued at $41,016,000 after acquiring an additional 393,686 shares during the period.

Champion Homes Price Performance

Champion Homes stock opened at $83.41 on Wednesday. Champion Homes, Inc. has a 52 week low of $60.13 and a 52 week high of $99.17. The business has a 50-day simple moving average of $79.84 and a 200 day simple moving average of $81.54. The company has a quick ratio of 1.69, a current ratio of 2.48 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 22.79 and a beta of 1.00.

Champion Homes (NYSE:SKY - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. Champion Homes had a return on equity of 13.80% and a net margin of 7.77%.The firm had revenue of $621.28 million for the quarter, compared to analysts' expectations of $607.39 million. During the same quarter last year, the firm posted $0.65 EPS. The company's revenue was up 15.2% compared to the same quarter last year. On average, research analysts forecast that Champion Homes, Inc. will post 3.4 earnings per share for the current fiscal year.

Insider Activity at Champion Homes

In other news, EVP Joseph A. Kimmell sold 7,922 shares of Champion Homes stock in a transaction on Friday, June 5th. The shares were sold at an average price of $75.70, for a total transaction of $599,695.40. Following the completion of the sale, the executive vice president directly owned 36,118 shares of the company's stock, valued at approximately $2,734,132.60. The trade was a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Zacks Research lowered Champion Homes from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 27th. Citigroup initiated coverage on Champion Homes in a research note on Friday, June 5th. They issued a "buy" rating and a $93.00 target price for the company. Royal Bank Of Canada decreased their price target on Champion Homes from $101.00 to $92.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Barclays increased their price target on shares of Champion Homes from $94.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Finally, Weiss Ratings lowered shares of Champion Homes from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $95.00.

Champion Homes Company Profile

Champion Homes, traded under the NYSE ticker SKY, operates as a leading provider of factory-built housing solutions in North America. The company specializes in the design, manufacture and sale of manufactured and modular homes, serving a broad spectrum of customers from first-time homebuyers to those seeking upscale residential properties. Champion Homes leverages vertically integrated operations to streamline production, ensuring consistent quality and cost efficiencies across its product lines.

The company's product portfolio encompasses single- and multi-section modular homes, manufactured home models, park models and select commercial modular buildings.

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