Public Sector Pension Investment Board Increases Position in Champion Homes, Inc. (NYSE:SKY)

Key Points

• The Public Sector Pension Investment Board increased its stake in Champion Homes, Inc. by 27.0%, owning 167,126 shares valued at approximately $15.8 million.
• Champion Homes reported earnings of $1.19 per share, surpassing estimates, with quarterly revenue of $701.32 million, marking an 11.7% year-over-year increase.
• Several analysts have raised their price targets for Champion Homes, with Royal Bank of Canada increasing theirs from $82.00 to $85.00, while the stock currently holds an average rating of "Hold" with a target price of $86.00.

Public Sector Pension Investment Board raised its position in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 27.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 167,126 shares of the company's stock after acquiring an additional 35,526 shares during the period. Public Sector Pension Investment Board owned approximately 0.29% of Champion Homes worth $15,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Champion Homes in the first quarter valued at $13,736,000. Townsquare Capital LLC raised its stake in shares of Champion Homes by 11.3% in the first quarter. Townsquare Capital LLC now owns 39,155 shares of the company's stock valued at $3,710,000 after acquiring an additional 3,970 shares during the period. Citigroup Inc. raised its stake in shares of Champion Homes by 15.5% in the first quarter. Citigroup Inc. now owns 125,657 shares of the company's stock valued at $11,907,000 after acquiring an additional 16,876 shares during the period. CenterBook Partners LP purchased a new position in shares of Champion Homes during the first quarter valued at approximately $2,261,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Champion Homes by 2.3% during the first 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 during the period.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SKY shares. Barclays boosted their target price on Champion Homes from $72.00 to $74.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada boosted their target price on Champion Homes from $82.00 to $85.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Finally, Zelman & Associates raised shares of Champion Homes from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 5th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, Champion Homes has an average rating of "Hold" and a consensus target price of $86.00.

Champion Homes Stock Down 1.2%

Shares of NYSE SKY traded down $0.89 during mid-day trading on Thursday, reaching $73.49. 931,557 shares of the company were exchanged, compared to its average volume of 645,422. Champion Homes, Inc. has a 1 year low of $59.44 and a 1 year high of $116.49. The firm has a 50-day moving average of $64.92 and a 200 day moving average of $81.76. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 19.54 and a beta of 1.13. The company has a quick ratio of 1.59, a current ratio of 2.39 and a debt-to-equity ratio of 0.02.

Champion Homes (NYSE:SKY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.19 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $642.18 million. During the same period in the previous year, the company posted $0.91 earnings per share. The firm's revenue was up 11.7% on a year-over-year basis. On average, research analysts expect that Champion Homes, Inc. will post 3.63 earnings per share for the current year.

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

Insider Buying and Selling

In other Champion Homes news, EVP Joseph A. Kimmell sold 1,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 43,568 shares in the company, valued at $2,842,376.32. This trade represents a 2.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by insiders.

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.