Gamco Investors INC. ET AL Cuts Holdings in Champion Homes, Inc. $SKY

Key Points

• Gamco Investors reduced its stake in Champion Homes by 4.9%, now owning 183,200 shares valued at approximately $17.36 million.
• Several institutional investors increased their positions in Champion Homes, with GAMMA Investing LLC raising its stake by 306% and Oppenheimer & Co. Inc. by 142.2% in the first quarter.
• Champion Homes reported earnings of $1.19 per share, exceeding expectations, and announced a $50 million stock buyback program indicating management confidence in the stock’s value.

Gamco Investors INC. ET AL lessened its position in Champion Homes, Inc. (NYSE:SKY - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 183,200 shares of the company's stock after selling 9,500 shares during the quarter. Gamco Investors INC. ET AL owned approximately 0.32% of Champion Homes worth $17,360,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SKY. Marshall Wace LLP purchased a new stake in Champion Homes during the 4th quarter worth about $677,000. Tower Research Capital LLC TRC increased its holdings in Champion Homes by 1,252.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,084 shares of the company's stock worth $272,000 after purchasing an additional 2,856 shares during the period. State of Tennessee Department of Treasury purchased a new stake in Champion Homes during the 4th quarter worth about $1,137,000. Stifel Financial Corp increased its holdings in Champion Homes by 11.2% during the 4th quarter. Stifel Financial Corp now owns 9,238 shares of the company's stock worth $814,000 after purchasing an additional 933 shares during the period. Finally, Northern Trust Corp increased its holdings in Champion Homes by 14.3% during the 4th quarter. Northern Trust Corp now owns 571,915 shares of the company's stock worth $50,386,000 after purchasing an additional 71,439 shares during the period.

Analyst Ratings Changes

SKY has been the topic of several recent research reports. Zelman & Associates upgraded Champion Homes from a "strong sell" rating to a "hold" rating in a report on Thursday, June 5th. Royal Bank Of Canada upped their price objective on Champion Homes from $82.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. Finally, Barclays upped their target price on Champion Homes from $72.00 to $74.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $86.00.

Insider Activity

In other news, EVP Joseph A. Kimmell sold 3,000 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $66.03, for a total transaction of $198,090.00. Following the completion of the transaction, the executive vice president directly owned 44,568 shares of the company's stock, valued at approximately $2,942,825.04. This represents a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.20% of the company's stock.

Champion Homes Stock Performance

Shares of NYSE SKY traded up $0.56 during trading hours on Monday, reaching $75.49. The stock had a trading volume of 635,903 shares, compared to its average volume of 750,064. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of 20.08 and a beta of 1.18. The company has a current ratio of 2.39, a quick ratio of 1.59 and a debt-to-equity ratio of 0.02. Champion Homes, Inc. has a fifty-two week low of $59.44 and a fifty-two week high of $116.49. The firm has a 50-day moving average of $67.56 and a 200-day moving average of $79.48.

Champion Homes (NYSE:SKY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.31. Champion Homes had a return on equity of 14.35% and a net margin of 8.50%.The firm had revenue of $701.32 million during the quarter, compared to analysts' expectations of $642.18 million. During the same period in the prior year, the firm earned $0.91 EPS. The business's revenue was up 11.7% on a year-over-year basis. Equities research analysts predict that Champion Homes, Inc. will post 3.63 earnings per share for the current year.

Champion Homes declared that its Board of Directors has initiated a share repurchase program on Friday, May 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its stock is undervalued.

Champion Homes 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.