Wellington Management Group LLP Has $402.35 Million Stake in Champion Homes, Inc. $SKY

Key Points

• Wellington Management Group LLP has reduced its holdings in Champion Homes, Inc. (NYSE:SKY) by 19.8%, owning approximately 4.25 million shares valued at around $402.35 million after selling over 1 million shares in the first quarter.
• Champion Homes has attracted increased interest from other hedge funds, with firms like Kovitz Investment Group and Envestnet Portfolio Solutions boosting their stakes during the same period.
• The company's recent earnings report showed an EPS of $1.19, exceeding estimates, along with a revenue increase of 11.7% year-over-year, prompting analysts to raise price targets for the stock.

Wellington Management Group LLP trimmed its stake in Champion Homes, Inc. (NYSE:SKY - Free Report) by 19.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,246,012 shares of the company's stock after selling 1,047,772 shares during the period. Wellington Management Group LLP owned 7.41% of Champion Homes worth $402,352,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Capital World Investors raised its stake in shares of Champion Homes by 31.5% in the 4th quarter. Capital World Investors now owns 2,638,862 shares of the company's stock valued at $232,484,000 after acquiring an additional 632,718 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Champion Homes by 17.2% in the 4th quarter. Ameriprise Financial Inc. now owns 1,646,482 shares of the company's stock valued at $145,055,000 after acquiring an additional 241,326 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Champion Homes in the 4th quarter valued at approximately $98,978,000. Burgundy Asset Management Ltd. raised its stake 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 valued at $76,964,000 after acquiring an additional 51,853 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake 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 valued at $66,147,000 after acquiring an additional 15,793 shares in the last quarter.

Insider Buying and Selling at Champion Homes

In other news, EVP Joseph A. Kimmell sold 1,000 shares of Champion Homes stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $65.24, for a total transaction of $65,240.00. Following the sale, the executive vice president owned 43,568 shares of the company's stock, valued at approximately $2,842,376.32. This trade represents a 2.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.20% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Royal Bank Of Canada raised their price objective on 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 Champion Homes from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Barclays lifted their price target on Champion Homes from $72.00 to $74.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Champion Homes presently has a consensus rating of "Hold" and an average price target of $86.00.

Champion Homes Stock Performance

Shares of NYSE:SKY traded up $4.6160 during trading on Friday, hitting $76.0860. 813,635 shares of the stock were exchanged, compared to its average volume of 798,602. Champion Homes, Inc. has a 1-year low of $59.44 and a 1-year high of $116.49. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 20.24 and a beta of 1.13. The company's fifty day simple moving average is $66.14 and its 200-day simple moving average 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 announced its quarterly earnings data 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. Champion Homes had a return on equity of 14.35% and a net margin of 8.50%.The company had revenue of $701.32 million for the quarter, compared to analyst estimates of $642.18 million. During the same quarter last year, the firm earned $0.91 EPS. Champion Homes's revenue for the quarter was up 11.7% compared to the same quarter last year. Sell-side analysts expect that Champion Homes, Inc. will post 3.63 EPS for the current fiscal year.

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

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.