Wellington Management Group LLP Has $402.35 Million Holdings 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 cut its position in shares of Champion Homes, Inc. (NYSE:SKY - Free Report) by 19.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,246,012 shares of the company's stock after selling 1,047,772 shares during the quarter. Wellington Management Group LLP owned approximately 7.41% of Champion Homes worth $402,352,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Sterling Capital Management LLC raised its holdings in Champion Homes by 645.5% in the 4th quarter. Sterling Capital Management LLC now owns 917 shares of the company's stock valued at $81,000 after acquiring an additional 794 shares during the last quarter. GAMMA Investing LLC grew its position in shares of 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 purchasing an additional 765 shares during the period. Global Trust Asset Management LLC acquired a new position in Champion Homes in the first quarter valued at $128,000. PharVision Advisers LLC purchased a new position in Champion Homes during the fourth quarter worth about $216,000. Finally, Sowell Financial Services LLC acquired a new stake in Champion Homes in the 1st quarter worth about $233,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SKY. Royal Bank Of Canada increased their price objective on shares of Champion Homes from $82.00 to $85.00 and gave the stock a "sector perform" rating in a report 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 lifted their price target on shares of Champion Homes from $72.00 to $74.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Champion Homes presently has a consensus rating of "Hold" and a consensus target price of $86.00.

Insider Activity at Champion Homes

In other Champion Homes news, EVP Joseph A. Kimmell sold 1,000 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $65.24, for a total value of $65,240.00. Following the sale, the executive vice president directly owned 43,568 shares in the company, valued at approximately $2,842,376.32. The trade was a 2.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.20% of the company's stock.

Champion Homes Stock Up 6.5%

NYSE SKY traded up $4.6160 during trading hours on Friday, reaching $76.0860. 813,635 shares of the company traded hands, compared to its average volume of 778,067. The stock has a market capitalization of $4.30 billion, a PE ratio of 20.24 and a beta of 1.13. The company has a 50 day moving average of $66.14 and a two-hundred day moving average of $80.89. The company has a current ratio of 2.39, a quick ratio of 1.59 and a debt-to-equity ratio of 0.02. Champion Homes, Inc. has a 12 month low of $59.44 and a 12 month high of $116.49.

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 (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.31. The firm had revenue of $701.32 million for 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 revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 earnings per share. As a group, equities analysts expect that Champion Homes, Inc. will post 3.63 earnings per share for the current year.

Champion Homes declared that its board has initiated a stock buyback plan on Friday, May 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually 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.