Hsbc Holdings PLC Buys New Position in Champion Homes, Inc. $SKY

Key Points

• HSBC Holdings initiated a position in Champion Homes, purchasing 12,769 shares worth approximately $1.14 million during the second quarter. Other institutions, including Invesco and Millennium Management, also increased their holdings.
• Champion Homes exceeded quarterly expectations, reporting $0.88 earnings per share versus the $0.87 consensus estimate and revenue of $710.23 million. Revenue increased 1.3% year over year, while analysts project full-year earnings of $3.40 per share.
• Analyst sentiment is favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $104, compared with a recent opening price of $89.14. However, insiders sold 14,522 shares worth roughly $1.15 million over the past three months.

Hsbc Holdings PLC bought a new stake in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,769 shares of the company's stock, valued at approximately $1,142,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Royal Bank of Canada raised its position in shares of Champion Homes by 66.1% during the 1st quarter. Royal Bank of Canada now owns 10,804 shares of the company's stock valued at $1,024,000 after buying an additional 4,301 shares in the last quarter. AQR Capital Management LLC purchased a new position in Champion Homes in the first quarter worth $294,000. Millennium Management LLC grew its position in Champion Homes by 712.0% in the first quarter. Millennium Management LLC now owns 70,029 shares of the company's stock worth $6,636,000 after acquiring an additional 61,405 shares in the last quarter. Invesco Ltd. increased its stake in Champion Homes by 150.6% in the second quarter. Invesco Ltd. now owns 655,107 shares of the company's stock valued at $41,016,000 after acquiring an additional 393,686 shares during the last quarter. Finally, Baird Financial Group Inc. increased its stake in Champion Homes by 21.4% in the second quarter. Baird Financial Group Inc. now owns 5,205 shares of the company's stock valued at $326,000 after acquiring an additional 918 shares during the last quarter.

Champion Homes Price Performance

SKY stock opened at $89.14 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.97 and a current ratio of 2.74. Champion Homes, Inc. has a 52 week low of $63.69 and a 52 week high of $99.17. The firm's fifty day moving average is $86.56 and its 200 day moving average is $81.64. The firm has a market cap of $4.84 billion, a P/E ratio of 25.99 and a beta of 1.01.

Champion Homes (NYSE:SKY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $710.23 million during the quarter, compared to the consensus estimate of $701.98 million. Champion Homes had a net margin of 7.16% and a return on equity of 12.52%. The firm's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 earnings per share. Research analysts predict that Champion Homes, Inc. will post 3.4 earnings per share for the current year.

Analyst Ratings Changes

SKY has been the topic of a number of research reports. Barclays raised their price target on Champion Homes from $102.00 to $109.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Zacks Research upgraded Champion Homes from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Zelman & Associates upgraded Champion Homes from a "hold" rating to an "outperform" rating in a research report on Thursday, August 6th. UBS Group raised their price objective on Champion Homes from $93.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded Champion Homes from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $104.00.

Insider Activity

In other news, EVP Joseph A. Kimmell sold 7,922 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $75.70, for a total value of $599,695.40. Following the completion of the sale, the executive vice president owned 36,118 shares of the company's stock, valued at approximately $2,734,132.60. The trade was a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Erin Claire Helgren sold 1,100 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $95.00, for a total value of $104,500.00. Following the sale, the director owned 8,196 shares of the company's stock, valued at $778,620. This represents a 11.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 14,522 shares of company stock valued at $1,147,665. 0.60% of the stock is currently owned by insiders.

Champion Homes Profile

Champion Homes, traded under the NYSE ticker SKY, operates as a leading provider of factory-built housing solutions in North America. The company specializes in the design, manufacture and sale of manufactured and modular homes, serving a broad spectrum of customers from first-time homebuyers to those seeking upscale residential properties. Champion Homes leverages vertically integrated operations to streamline production, ensuring consistent quality and cost efficiencies across its product lines.

The company's product portfolio encompasses single- and multi-section modular homes, manufactured home models, park models and select commercial modular buildings.

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