Champion Homes, Inc. $SKY Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Champion Homes, Inc. by 10.3%, selling 147,392 shares and retaining approximately 2.23% ownership worth $121 million.
• Champion Homes recently posted quarterly earnings of $1.19 per share, exceeding analysts' expectations and showing a revenue increase of 11.7% from the same quarter last year.
• The company has initiated a $50 million stock repurchase plan, suggesting management believes the shares are undervalued.

T. Rowe Price Investment Management Inc. reduced its stake in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 10.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,277,719 shares of the company's stock after selling 147,392 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 2.23% of Champion Homes worth $121,077,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Ameriprise Financial Inc. boosted its position in shares of Champion Homes by 17.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,646,482 shares of the company's stock worth $145,055,000 after purchasing an additional 241,326 shares in the last quarter. Burgundy Asset Management Ltd. boosted its position in shares of Champion Homes by 6.8% in the 1st quarter. Burgundy Asset Management Ltd. now owns 812,204 shares of the company's stock worth $76,964,000 after buying an additional 51,853 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Champion Homes by 2.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 698,052 shares of the company's stock worth $66,147,000 after buying an additional 15,793 shares in the last quarter. Congress Asset Management Co. boosted its position in shares of Champion Homes by 8.8% in the 1st quarter. Congress Asset Management Co. now owns 661,578 shares of the company's stock worth $62,691,000 after buying an additional 53,543 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Champion Homes by 12.1% in the 1st quarter. Northern Trust Corp now owns 641,115 shares of the company's stock worth $60,752,000 after buying an additional 69,200 shares in the last quarter.

Insider Activity at Champion Homes

In other news, EVP Joseph A. Kimmell sold 3,000 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $66.03, for a total transaction of $198,090.00. Following the completion of the transaction, the executive vice president directly owned 44,568 shares in the company, valued at approximately $2,942,825.04. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.20% of the company's stock.

Champion Homes Trading Up 6.5%

Shares of NYSE:SKY traded up $4.6160 during trading on Friday, reaching $76.0860. 813,635 shares of the stock were exchanged, compared to its average volume of 798,602. The firm has a market cap of $4.30 billion, a price-to-earnings ratio of 20.24 and a beta of 1.13. Champion Homes, Inc. has a 12-month low of $59.44 and a 12-month high of $116.49. The firm's 50-day moving average price is $66.14 and its 200 day moving average price is $80.55. 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 (NYSE:SKY - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.31. The firm had revenue of $701.32 million during the quarter, compared to analysts' expectations of $642.18 million. Champion Homes had a return on equity of 14.35% and a net margin of 8.50%.Champion Homes's quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. On average, sell-side analysts anticipate that Champion Homes, Inc. will post 3.63 earnings per share for the current fiscal year.

Champion Homes announced that its Board of Directors has authorized a stock buyback program on Friday, May 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKY. Royal Bank Of Canada boosted their target price 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. Zelman & Associates raised shares of Champion Homes from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 5th. Finally, Barclays upped their price objective on shares of Champion Homes from $72.00 to $74.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Champion Homes currently has a consensus rating of "Hold" and a consensus 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.