TD Asset Management Inc Lowers Stake in Champion Homes, Inc. (NYSE:SKY)

Key Points

• TD Asset Management Inc reduced its stake in Champion Homes, Inc. by 30.5%, now holding 20,658 shares worth approximately $1.96 million, according to its recent 13F filing.
• Equities analysts have adjusted their price targets for Champion Homes, with Royal Bank of Canada and Barclays lowering theirs significantly, setting new targets of $82.00 and $72.00 respectively.
• Champion Homes' Board of Directors has approved a $50 million stock repurchase program, indicating potential confidence in the company's valuation and future performance.

TD Asset Management Inc lowered its position in Champion Homes, Inc. (NYSE:SKY - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,658 shares of the company's stock after selling 9,082 shares during the quarter. TD Asset Management Inc's holdings in Champion Homes were worth $1,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sterling Capital Management LLC boosted its stake in Champion Homes by 645.5% in the 4th quarter. Sterling Capital Management LLC now owns 917 shares of the company's stock worth $81,000 after purchasing an additional 794 shares during the period. GAMMA Investing LLC boosted its position in Champion Homes by 306.0% in the first quarter. GAMMA Investing LLC now owns 1,015 shares of the company's stock valued at $96,000 after buying an additional 765 shares during the last quarter. Headlands Technologies LLC acquired a new position in Champion Homes in the fourth quarter valued at approximately $108,000. Global Trust Asset Management LLC purchased a new position in shares of Champion Homes during the 1st quarter valued at approximately $128,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Champion Homes in the 4th quarter worth $216,000.

Champion Homes Trading Down 2.3%

Shares of NYSE:SKY traded down $1.57 during midday trading on Thursday, hitting $67.58. 340,132 shares of the stock traded hands, compared to its average volume of 638,532. Champion Homes, Inc. has a one year low of $59.44 and a one year high of $116.49. The stock has a market capitalization of $3.87 billion, a PE ratio of 18.00 and a beta of 1.13. The business's 50 day moving average is $64.54 and its two-hundred day moving average is $82.50. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.02.

Champion Homes (NYSE:SKY - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.31. The company had revenue of $701.32 million during 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 14.47%. 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 firm posted $0.91 EPS. As a group, research analysts forecast that Champion Homes, Inc. will post 3.63 earnings per share for the current year.

Champion Homes announced that its board has approved a stock repurchase plan on Friday, May 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays lifted their target price on shares of Champion Homes from $72.00 to $74.00 and gave the company an "equal weight" rating in a report on Thursday. Royal Bank Of Canada upped their target price on Champion Homes from $82.00 to $85.00 and gave the company a "sector perform" rating in a report on Thursday. Finally, Zelman & Associates raised Champion Homes from a "strong sell" rating to a "hold" rating in a report on Thursday, June 5th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $81.60.

Champion Homes Company 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.