Skyline Champion (NYSE:SKY) Trading Down 4.6% on Disappointing Earnings

Skyline Champion Co. (NYSE:SKY - Get Free Report)'s share price fell 4.6% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $66.80 and last traded at $67.18. 258,706 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 551,194 shares. The stock had previously closed at $70.45.

The company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.10). The company had revenue of $593.87 million during the quarter, compared to analyst estimates of $595.42 million. Skyline Champion had a return on equity of 13.80% and a net margin of 6.80%. The company's revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share.

Analyst Upgrades and Downgrades

SKY has been the subject of several recent research reports. Royal Bank of Canada cut their target price on shares of Skyline Champion from $96.00 to $82.00 and set a "sector perform" rating for the company in a research note on Wednesday. Barclays cut their target price on shares of Skyline Champion from $97.00 to $72.00 and set an "equal weight" rating for the company in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $80.60.

Institutional Investors Weigh In On Skyline Champion

Several hedge funds have recently made changes to their positions in SKY. Harvest Fund Management Co. Ltd purchased a new stake in shares of Skyline Champion in the 4th quarter valued at approximately $36,000. Sterling Capital Management LLC lifted its position in shares of Skyline Champion 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 in the last quarter. AlphaQuest LLC lifted its position in shares of Skyline Champion by 1,231.3% in the 1st quarter. AlphaQuest LLC now owns 852 shares of the company's stock valued at $81,000 after acquiring an additional 788 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Skyline Champion by 306.0% in the 1st quarter. GAMMA Investing LLC now owns 1,015 shares of the company's stock valued at $96,000 after acquiring an additional 765 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Skyline Champion in the 4th quarter valued at approximately $108,000.

Skyline Champion Trading Down 0.5%

The company has a current ratio of 2.59, a quick ratio of 1.74 and a debt-to-equity ratio of 0.02. The firm has a market cap of $3.74 billion, a PE ratio of 22.99 and a beta of 1.37. The company's 50-day moving average is $86.06 and its 200 day moving average is $93.34.

Skyline Champion 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.