Champion Homes, Inc. (NYSE:SKY) Shares Sold by Bryce Point Capital LLC

Key Points

• Bryce Point Capital LLC reduced its stake in Champion Homes, Inc. (NYSE:SKY) by 44.9% in the first quarter, now holding 8,389 shares valued at $816,000.
• Research analysts have generally rated Champion Homes with a consensus “Hold” and an average price target of $80.60, following recent price adjustments from major firms like Barclays and Royal Bank of Canada.
• Champion Homes has initiated a $50 million stock buyback plan, indicating the company's belief that its shares are undervalued.

Bryce Point Capital LLC trimmed its position in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 44.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,389 shares of the company's stock after selling 6,848 shares during the period. Bryce Point Capital LLC's holdings in Champion Homes were worth $816,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SKY. Capital Research Global Investors acquired a new position in Champion Homes during the fourth quarter worth $98,978,000. Vanguard Group Inc. lifted its stake in Champion Homes by 17.3% during the fourth quarter. Vanguard Group Inc. now owns 5,942,992 shares of the company's stock worth $523,578,000 after purchasing an additional 876,712 shares in the last quarter. Norges Bank acquired a new stake in shares of Champion Homes in the fourth quarter valued at $69,346,000. Capital World Investors raised 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 valued at $232,484,000 after acquiring an additional 632,718 shares in the last quarter. Finally, Ameriprise Financial Inc. raised 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 valued at $145,055,000 after acquiring an additional 241,326 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Zelman & Associates upgraded Champion Homes from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 5th. Royal Bank Of Canada reduced their price target on shares of Champion Homes from $96.00 to $82.00 and set a "sector perform" rating for the company in a research report on Wednesday, May 28th. Finally, Barclays dropped their price objective on shares of Champion Homes from $97.00 to $72.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $80.60.

Champion Homes Stock Down 0.4%

SKY stock traded down $0.25 during trading on Thursday, reaching $61.29. The stock had a trading volume of 468,973 shares, compared to its average volume of 628,403. Champion Homes, Inc. has a 1-year low of $59.44 and a 1-year high of $116.49. The company has a current ratio of 2.41, a quick ratio of 1.61 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $3.51 billion, a P/E ratio of 17.98 and a beta of 1.16. The firm has a fifty day moving average price of $65.79 and a 200 day moving average price of $83.36.

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

Champion Homes announced that its board has approved a stock repurchase plan on Friday, May 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.