TD Asset Management Inc Reduces Stock Holdings 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 decreased its holdings in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 30.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 SEC filing.

A number of other large investors have also modified their holdings of SKY. LPL Financial LLC grew its holdings in shares of Champion Homes by 11.6% in the fourth quarter. LPL Financial LLC now owns 3,685 shares of the company's stock valued at $325,000 after purchasing an additional 384 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Champion Homes by 120.3% in the fourth quarter. JPMorgan Chase & Co. now owns 280,396 shares of the company's stock valued at $24,703,000 after purchasing an additional 153,089 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Champion Homes by 21.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 8,653 shares of the company's stock valued at $762,000 after purchasing an additional 1,508 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Champion Homes in the fourth quarter valued at about $108,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Champion Homes by 6.1% in the fourth quarter. Wells Fargo & Company MN now owns 128,570 shares of the company's stock valued at $11,327,000 after purchasing an additional 7,415 shares during the period.

Wall Street Analysts Forecast Growth

SKY has been the subject of a number of analyst reports. Zelman & Associates raised shares of Champion Homes from a "strong sell" rating to a "hold" rating in a report on Thursday, June 5th. Barclays decreased their target price on shares of Champion Homes from $97.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada decreased their target price on shares of Champion Homes from $96.00 to $82.00 and set a "sector perform" rating on the stock in a research report on Wednesday, May 28th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $80.60.

Champion Homes Stock Up 1.4%

Shares of SKY traded up $0.91 during mid-day trading on Tuesday, hitting $66.38. 833,005 shares of the company's stock were exchanged, compared to its average volume of 579,175. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 18.55 and a beta of 1.13. Champion Homes, Inc. has a fifty-two week low of $59.44 and a fifty-two week high of $116.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.61 and a current ratio of 2.41. The stock's 50-day moving average is $64.55 and its 200-day moving average is $82.70.

Champion Homes (NYSE:SKY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.31. Champion Homes had a net margin of 7.99% and a return on equity of 13.61%. Champion Homes's quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 initiated a stock buyback program on Friday, May 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

About Champion Homes

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.