BlackRock Inc. Acquires Shares of 9,014,453 Champion Homes, Inc. $SKY

Key Points

• BlackRock acquired 9.01 million shares of Champion Homes during the second quarter, worth approximately $794.4 million and representing a 16.42% stake. Several other institutional investors also initiated positions.
• Champion Homes reported quarterly revenue of $710.2 million and adjusted earnings of $0.88 per share, narrowly beating analyst estimates, while revenue increased 1.3% year over year.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and a $104 price target, compared with a recent share price of $90.44. Insiders, however, sold 14,522 shares worth about $1.15 million over the past 90 days.

BlackRock Inc. purchased a new position in Champion Homes, Inc. (NYSE:SKY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,014,453 shares of the company's stock, valued at approximately $794,354,000. BlackRock Inc. owned approximately 16.42% of Champion Homes at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SKY. Deutsche Bank AG acquired a new stake in shares of Champion Homes in the 2nd quarter worth $5,322,000. Rice Hall James & Associates LLC purchased a new position in Champion Homes during the second quarter worth about $2,881,000. Persistent Asset Partners Ltd acquired a new position in Champion Homes in the 2nd quarter valued at about $101,000. Bank of New York Mellon Corp acquired a new position in Champion Homes in the 2nd quarter valued at about $29,094,000. Finally, State of Wyoming purchased a new stake in shares of Champion Homes in the 2nd quarter valued at approximately $578,000.

Champion Homes Trading Up 0.5%

Shares of NYSE SKY opened at $90.44 on Friday. Champion Homes, Inc. has a twelve month low of $63.69 and a twelve month high of $99.17. The company has a current ratio of 2.74, a quick ratio of 1.97 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $85.46 and a 200-day simple moving average of $81.32. The stock has a market capitalization of $4.91 billion, a PE ratio of 26.37 and a beta of 1.01.

Champion Homes (NYSE:SKY - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. Champion Homes had a return on equity of 12.52% and a net margin of 7.16%.The company had revenue of $710.23 million during the quarter, compared to the consensus estimate of $701.98 million. During the same period in the previous year, the company posted $1.19 EPS. Champion Homes's revenue was up 1.3% compared to the same quarter last year. On average, equities analysts forecast that Champion Homes, Inc. will post 3.4 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SKY. Zelman & Associates upgraded shares of Champion Homes from a "hold" rating to an "outperform" rating in a report on Thursday, August 6th. Citigroup began coverage on Champion Homes in a report on Friday, June 5th. They issued a "buy" rating and a $93.00 price objective on the stock. Zacks Research upgraded Champion Homes from a "strong sell" rating to a "hold" rating in a research report on Monday, July 27th. Weiss Ratings raised Champion Homes from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada increased their price target on Champion Homes from $92.00 to $99.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.00.

Insider Buying and Selling

In other Champion Homes news, Director Michael B. Berman sold 1,500 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $93.22, for a total transaction of $139,830.00. Following the sale, the director directly owned 6,825 shares in the company, valued at $636,226.50. This represents a 18.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph A. Kimmell sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $75.91, for a total transaction of $303,640.00. Following the completion of the transaction, the executive vice president directly owned 32,118 shares of the company's stock, valued at $2,438,077.38. This represents a 11.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,522 shares of company stock valued at $1,147,665 in the last ninety days. Company insiders own 0.60% of the company's stock.

Champion Homes 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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