Congress Asset Management Co. Raises Holdings in Skyline Champion Co. (NYSE:SKY)

Congress Asset Management Co. raised its position in Skyline Champion Co. (NYSE:SKY - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 661,578 shares of the company's stock after acquiring an additional 53,543 shares during the quarter. Congress Asset Management Co. owned approximately 1.16% of Skyline Champion worth $62,691,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Skyline Champion by 80.7% in the 4th quarter. Bank of New York Mellon Corp now owns 351,060 shares of the company's stock valued at $30,928,000 after acquiring an additional 156,757 shares during the last quarter. XTX Topco Ltd acquired a new position in Skyline Champion in the fourth quarter valued at approximately $712,000. Van ECK Associates Corp increased its stake in Skyline Champion by 21.8% in the fourth quarter. Van ECK Associates Corp now owns 40,108 shares of the company's stock valued at $3,534,000 after purchasing an additional 7,184 shares during the last quarter. Rhumbline Advisers raised its holdings in Skyline Champion by 85.0% during the fourth quarter. Rhumbline Advisers now owns 151,781 shares of the company's stock worth $13,372,000 after purchasing an additional 69,756 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Skyline Champion during the 4th quarter worth approximately $1,692,000.

Skyline Champion Price Performance

Shares of SKY stock traded up $1.48 during midday trading on Tuesday, reaching $66.53. 748,635 shares of the company traded hands, compared to its average volume of 585,801. The firm's 50 day simple moving average is $81.38 and its two-hundred day simple moving average is $91.48. The firm has a market cap of $3.81 billion, a PE ratio of 23.42 and a beta of 1.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.59 and a quick ratio of 1.74. Skyline Champion Co. has a 1-year low of $63.13 and a 1-year high of $116.49.

Skyline Champion (NYSE:SKY - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.10). The firm had revenue of $593.87 million during the quarter, compared to analysts' expectations of $595.42 million. Skyline Champion had a return on equity of 13.80% and a net margin of 6.80%. The firm's revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.62 earnings per share. On average, equities research analysts expect that Skyline Champion Co. will post 3.63 EPS for the current fiscal year.

Skyline Champion declared that its Board of Directors has approved a stock repurchase program on Friday, May 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SKY shares. Royal Bank of Canada dropped their target price on shares of Skyline Champion from $96.00 to $82.00 and set a "sector perform" rating on the stock in a research report on Wednesday, May 28th. Barclays cut their price target on Skyline Champion from $97.00 to $72.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Finally, Zelman & Associates upgraded shares of Skyline Champion from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 5th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.