Goldman Sachs Group Inc. Acquires 392,159 Shares of Champion Homes, Inc. $SKY

Key Points

• Goldman Sachs increased its holdings in Champion Homes, Inc. by 63.7%, acquiring an additional 392,159 shares and now owning approximately 1.76% of the company worth $95.48 million.
• Champion Homes' stock price target has been upgraded by both Barclays and the Royal Bank of Canada, with average price expectations now set around $86.00.
• The company reported a quarterly revenue of $701.32 million, exceeding analyst expectations and showing an 11.7% increase compared to the previous year.

Goldman Sachs Group Inc. grew its holdings in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 63.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,007,639 shares of the company's stock after purchasing an additional 392,159 shares during the quarter. Goldman Sachs Group Inc. owned about 1.76% of Champion Homes worth $95,484,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its holdings in shares of Champion Homes by 1,231.3% in the first quarter. AlphaQuest LLC now owns 852 shares of the company's stock worth $81,000 after buying an additional 788 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Champion Homes by 306.0% in the first quarter. GAMMA Investing LLC now owns 1,015 shares of the company's stock worth $96,000 after buying an additional 765 shares in the last quarter. Global Trust Asset Management LLC purchased a new stake in shares of Champion Homes in the first quarter worth about $128,000. Bosun Asset Management LLC purchased a new stake in shares of Champion Homes in the first quarter worth about $208,000. Finally, PharVision Advisers LLC purchased a new stake in shares of Champion Homes in the fourth quarter worth about $216,000.

Insider Buying and Selling

In other Champion Homes news, EVP Joseph A. Kimmell sold 3,000 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $66.03, for a total transaction of $198,090.00. Following the transaction, the executive vice president directly owned 44,568 shares in the company, valued at $2,942,825.04. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by insiders.

Champion Homes Price Performance

SKY traded down $0.13 on Thursday, reaching $76.31. The company had a trading volume of 660,001 shares, compared to its average volume of 665,184. The business has a 50 day simple moving average of $70.70 and a 200 day simple moving average of $77.21. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 20.30 and a beta of 1.18. 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 52-week low of $59.44 and a 52-week high of $116.49.

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 analysts' consensus estimates of $0.88 by $0.31. The business had revenue of $701.32 million for the quarter, compared to the consensus estimate of $642.18 million. Champion Homes had a net margin of 8.50% and a return on equity of 14.35%. Champion Homes's quarterly revenue was up 11.7% on a year-over-year basis. During the same period last year, the firm posted $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 approved a share repurchase plan on Friday, May 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SKY. Royal Bank Of Canada increased their price target 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. Zelman & Associates raised shares of Champion Homes from a "strong sell" rating to a "hold" rating in a report on Thursday, June 5th. Finally, Barclays increased their price target 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. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Champion Homes currently has a consensus rating of "Hold" and an average target price of $86.00.

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.