Royal Bank of Canada Lowers Skyline Champion (NYSE:SKY) Price Target to $82.00

Skyline Champion (NYSE:SKY - Free Report) had its price target trimmed by Royal Bank of Canada from $96.00 to $82.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Separately, Barclays reduced their price objective on shares of Skyline Champion from $97.00 to $72.00 and set an "equal weight" rating for the company in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Skyline Champion has an average rating of "Hold" and a consensus price target of $80.60.

Skyline Champion Stock Performance

NYSE SKY traded down $0.19 during trading on Wednesday, reaching $65.36. 1,554,128 shares of the company's stock were exchanged, compared to its average volume of 570,770. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.59 and a quick ratio of 1.74. The business has a 50 day moving average price of $85.41 and a 200-day moving average price of $93.11. The stock has a market capitalization of $3.74 billion, a P/E ratio of 23.01 and a beta of 1.37. Skyline Champion has a fifty-two week low of $64.45 and a fifty-two week high of $116.49.

Skyline Champion (NYSE:SKY - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.10). The business had revenue of $593.87 million for the quarter, compared to the consensus estimate of $595.42 million. Skyline Champion had a return on equity of 13.80% and a net margin of 6.80%. The business's revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Sell-side analysts forecast that Skyline Champion will post 3.63 earnings per share for the current fiscal year.

Skyline Champion declared that its Board of Directors has authorized a share 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 stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Trading of Skyline Champion

Several hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new position in Skyline Champion in the 1st quarter valued at $1,336,000. Intech Investment Management LLC grew its stake in shares of Skyline Champion by 27.4% in the first quarter. Intech Investment Management LLC now owns 27,696 shares of the company's stock valued at $2,624,000 after acquiring an additional 5,953 shares in the last quarter. United Services Automobile Association bought a new position in Skyline Champion during the first quarter worth about $323,000. Goldman Sachs Group Inc. raised its stake in Skyline Champion by 63.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,639 shares of the company's stock worth $95,484,000 after purchasing an additional 392,159 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its holdings in Skyline Champion by 54.4% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 8,267 shares of the company's stock valued at $783,000 after purchasing an additional 2,912 shares during the period.

About Skyline Champion

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.