Gabelli Funds LLC Sells 10,100 Shares of Champion Homes, Inc. $SKY

Key Points

• Gabelli Funds LLC reduced its stake in Champion Homes, Inc. by 7.4%, owning approximately 126,500 shares valued at nearly $12 million after selling 10,100 shares.
• Several institutional investors increased their holdings in Champion Homes during the same period, with Ameriprise Financial Inc. growing its stake by 17.2%.
• Champion Homes reported strong quarterly earnings, beating analyst estimates with an EPS of $1.19, and announced a stock repurchase program allowing for a buyback of up to $50 million in shares.

Gabelli Funds LLC lessened its stake in Champion Homes, Inc. (NYSE:SKY - Free Report) by 7.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,500 shares of the company's stock after selling 10,100 shares during the quarter. Gabelli Funds LLC owned approximately 0.22% of Champion Homes worth $11,987,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its holdings 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 worth $145,055,000 after buying an additional 241,326 shares in the last quarter. Burgundy Asset Management Ltd. grew its holdings in Champion Homes by 6.8% during the 1st quarter. Burgundy Asset Management Ltd. now owns 812,204 shares of the company's stock valued at $76,964,000 after buying an additional 51,853 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Champion Homes by 2.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 698,052 shares of the company's stock valued at $66,147,000 after buying an additional 15,793 shares in the last quarter. Congress Asset Management Co. grew its holdings in Champion Homes by 8.8% during the 1st quarter. Congress Asset Management Co. now owns 661,578 shares of the company's stock valued at $62,691,000 after buying an additional 53,543 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Champion Homes by 12.1% during the 1st quarter. Northern Trust Corp now owns 641,115 shares of the company's stock valued at $60,752,000 after buying an additional 69,200 shares in the last quarter.

Champion Homes Trading Up 0.7%

Shares of SKY traded up $0.56 during midday trading on Friday, hitting $75.49. The stock had a trading volume of 635,903 shares, compared to its average volume of 789,935. Champion Homes, Inc. has a 1 year low of $59.44 and a 1 year high of $116.49. The firm has a market cap of $4.27 billion, a PE ratio of 20.08 and a beta of 1.13. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.59. The stock's 50 day moving average is $67.56 and its 200 day moving average is $79.68.

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

Champion Homes announced that its Board of Directors has authorized a stock buyback plan on Friday, May 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SKY. 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 target on shares of Champion Homes from $82.00 to $85.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Finally, Barclays upped their target price on shares of 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 given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $86.00.

Insider Buying and Selling at Champion Homes

In other news, EVP Joseph A. Kimmell sold 1,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $65.24, for a total value of $65,240.00. Following the sale, the executive vice president owned 43,568 shares of the company's stock, valued at approximately $2,842,376.32. This represents a 2.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.20% of the company's stock.

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.