Congress Asset Management Co. Has $62.69 Million Stake in Skyline Champion Co. (NYSE:SKY)

Congress Asset Management Co. grew its position in Skyline Champion Co. (NYSE:SKY - Free Report) by 8.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 661,578 shares of the company's stock after purchasing an additional 53,543 shares during the period. Congress Asset Management Co. owned approximately 1.16% of Skyline Champion worth $62,691,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Skyline Champion by 17.3% in the fourth quarter. Vanguard Group Inc. now owns 5,942,992 shares of the company's stock valued at $523,578,000 after purchasing an additional 876,712 shares in the last quarter. Capital World Investors lifted its holdings in shares of Skyline Champion 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 purchasing an additional 632,718 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Skyline Champion 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 purchasing an additional 241,326 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Skyline Champion by 2.9% in the fourth quarter. American Century Companies Inc. now owns 1,411,769 shares of the company's stock valued at $124,377,000 after purchasing an additional 39,262 shares in the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of Skyline Champion in the fourth quarter valued at about $98,978,000.

Skyline Champion Price Performance

Shares of SKY opened at $64.44 on Friday. The company's 50-day moving average is $82.38 and its 200-day moving average is $92.02. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.59 and a quick ratio of 1.74. The firm has a market capitalization of $3.69 billion, a PE ratio of 22.69 and a beta of 1.19. Skyline Champion Co. has a fifty-two week low of $63.13 and a fifty-two week high of $116.49.

Skyline Champion (NYSE:SKY - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $593.87 million for the quarter, compared to the consensus estimate of $595.42 million. Skyline Champion had a return on equity of 13.80% and a net margin of 6.80%. The firm's quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. Equities analysts forecast that Skyline Champion Co. will post 3.63 EPS for the current year.

Skyline Champion declared that its board has authorized a stock repurchase program on Friday, May 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

SKY has been the topic of a number of research reports. Royal Bank of Canada cut their price target on Skyline Champion from $96.00 to $82.00 and set a "sector perform" rating on the stock in a report on Wednesday, May 28th. Zelman & Associates upgraded Skyline Champion from an "underperform" rating to a "neutral" rating in a report on Thursday. Finally, Barclays dropped their target price on Skyline Champion from $97.00 to $72.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $80.60.

About Skyline Champion

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.

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