Hsbc Holdings PLC Makes New Investment in Champion Homes, Inc. $SKY

Key Points

• HSBC Holdings acquired 12,769 shares of Champion Homes worth approximately $1.14 million in the second quarter, joining several institutions that increased their positions.
• Champion Homes exceeded quarterly expectations, reporting $0.88 in EPS and $710.23 million in revenue, while revenue rose 1.3% year over year.
• Analyst sentiment remains positive, with an average “Moderate Buy” rating and a $104 price target; however, two directors recently sold a combined 2,600 shares.

Hsbc Holdings PLC acquired a new stake in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,769 shares of the company's stock, valued at approximately $1,142,000.

A number of other institutional investors have also recently made changes to their positions in SKY. Royal Bank of Canada boosted its holdings in Champion Homes by 66.1% in the first quarter. Royal Bank of Canada now owns 10,804 shares of the company's stock valued at $1,024,000 after acquiring an additional 4,301 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Champion Homes in the first quarter worth approximately $294,000. Millennium Management LLC grew its holdings in shares of Champion Homes by 712.0% during the first quarter. Millennium Management LLC now owns 70,029 shares of the company's stock valued at $6,636,000 after buying an additional 61,405 shares during the last quarter. Invesco Ltd. increased its position in shares of Champion Homes by 150.6% during 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 in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in Champion Homes by 21.4% in the 2nd quarter. Baird Financial Group Inc. now owns 5,205 shares of the company's stock worth $326,000 after acquiring an additional 918 shares during the last quarter.

Insider Buying and Selling at Champion Homes

In other Champion Homes news, Director Erin Helgren sold 1,100 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $95.00, for a total value of $104,500.00. Following the completion of the sale, the director owned 8,196 shares in the company, valued at approximately $778,620. This represents a 11.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael Berman sold 1,500 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.22, for a total value of $139,830.00. Following the sale, the director directly owned 6,825 shares in the company, valued at approximately $636,226.50. This represents a 18.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.60% of the company's stock.

Champion Homes Stock Up 1.7%

Shares of SKY stock opened at $83.17 on Friday. The company has a 50 day simple moving average of $86.32 and a two-hundred day simple moving average of $81.11. Champion Homes, Inc. has a 12 month low of $63.69 and a 12 month high of $99.17. The company has a current ratio of 2.74, a quick ratio of 1.97 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.51 billion, a P/E ratio of 24.25 and a beta of 1.01.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on SKY. Royal Bank Of Canada lifted their target price on Champion Homes from $92.00 to $99.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Weiss Ratings raised Champion Homes from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 7th. Barclays upped their target price on shares of Champion Homes from $102.00 to $109.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Zelman & Associates raised shares of Champion Homes from a "hold" rating to an "outperform" rating in a report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Champion Homes from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $104.00.

Champion Homes Company Profile

Champion Homes, Inc, formerly known as Skyline Champion Corporation, designs and manufactures factory-built housing for residential, commercial and specialized applications. Its portfolio includes manufactured homes, modular homes, park model homes, accessory dwelling units and other prefabricated structures, offered through a range of brands and configurations.

The company sells its products through independent and company-owned retailers, builders and developers, serving customers across the United States and parts of Canada.

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