Champion Homes, Inc. $SKY Stock Position Cut by Invesco Ltd.

Key Points

• Invesco Ltd. sold 51,041 shares of Champion Homes, reducing its stake in the company by 16.3%, now owning approximately 261,421 shares worth $24.77 million.
• Several institutions, including Ameriprise Financial and SG Capital Management, increased their holdings in Champion Homes significantly during the last quarter.
• Analysts have raised their price targets for Champion Homes, with the average target now at $86.00, indicating a generally favorable outlook on the stock.

Invesco Ltd. cut its stake in Champion Homes, Inc. (NYSE:SKY - Free Report) by 16.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,421 shares of the company's stock after selling 51,041 shares during the period. Invesco Ltd. owned 0.46% of Champion Homes worth $24,772,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. raised its holdings in 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. Charles Schwab Investment Management Inc. raised its holdings in shares of Champion Homes by 2.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 698,052 shares of the company's stock worth $66,147,000 after purchasing an additional 15,793 shares during the period. Congress Asset Management Co. raised its holdings in shares of Champion Homes by 8.8% during the first quarter. Congress Asset Management Co. now owns 661,578 shares of the company's stock worth $62,691,000 after purchasing an additional 53,543 shares during the period. Northern Trust Corp raised its holdings in shares of Champion Homes by 14.3% during the fourth 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. Finally, Summit Partners Public Asset Management LLC raised its holdings in shares of Champion Homes by 30.4% during the fourth quarter. Summit Partners Public Asset Management LLC now owns 527,770 shares of the company's stock worth $46,497,000 after purchasing an additional 123,097 shares during the period.

Analysts Set New Price Targets

A number of brokerages have weighed in on SKY. Barclays increased their target price on shares of Champion Homes from $72.00 to $74.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their target price on shares of Champion Homes from $82.00 to $85.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Finally, Zelman & Associates raised shares of Champion Homes from a "strong sell" rating to a "hold" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Champion Homes has an average rating of "Hold" and an average target price of $86.00.

Champion Homes Stock Performance

Shares of Champion Homes stock traded down $0.41 during trading on Tuesday, hitting $74.57. 570,122 shares of the stock were exchanged, compared to its average volume of 797,040. The stock's fifty day moving average is $66.68 and its 200 day moving average is $80.31. The stock has a market cap of $4.21 billion, a PE ratio of 19.83 and a beta of 1.13. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.59 and a current ratio of 2.39. Champion Homes, Inc. has a 12 month low of $59.44 and a 12 month high of $116.49.

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

Champion Homes declared that its Board of Directors has initiated a share buyback plan on Friday, May 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Champion Homes

In other news, EVP Joseph A. Kimmell sold 3,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were 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 owned 44,568 shares in the company, valued at approximately $2,942,825.04. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.20% of the company's stock.

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.