Champion Homes (NYSE:SKY) Shares Up 12.4% on Better-Than-Expected Earnings

Shares of Champion Homes, Inc. (NYSE:SKY) shot up 12.4% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $75.73 and last traded at $74.7450. 132,196 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 667,612 shares. The stock had previously closed at $66.52.

The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.20. Champion Homes had a return on equity of 14.35% and a net margin of 8.50%.The business had revenue of $684.43 million during the quarter, compared to analyst estimates of $636.96 million. During the same quarter in the previous year, the firm earned $0.93 EPS. Champion Homes’s revenue was up 11.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Zacks Research lowered shares of Champion Homes from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Champion Homes in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on shares of Champion Homes from $82.00 to $85.00 and gave the company a “sector perform” rating in a research report on Thursday, August 7th. Finally, Barclays boosted their price objective on shares of Champion Homes from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Champion Homes presently has a consensus rating of “Reduce” and an average price target of $79.50.

Insider Transactions at Champion Homes

In related news, EVP Joseph A. Kimmell sold 1,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $65.24, for a total value of $65,240.00. Following the completion of the sale, the executive vice president directly owned 43,568 shares of the company’s stock, valued at approximately $2,842,376.32. This represents a 2.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Champion Homes

A number of institutional investors have recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC grew its holdings in Champion Homes by 2.7% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 5,514 shares of the company’s stock valued at $523,000 after buying an additional 145 shares in the last quarter. CWM LLC boosted its holdings in shares of Champion Homes by 7.0% during the 3rd quarter. CWM LLC now owns 2,410 shares of the company’s stock valued at $184,000 after purchasing an additional 157 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Champion Homes by 5.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,519 shares of the company’s stock valued at $220,000 after purchasing an additional 183 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Champion Homes by 5.0% during the 1st quarter. Xponance Inc. now owns 4,048 shares of the company’s stock valued at $384,000 after purchasing an additional 193 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Champion Homes by 33.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 853 shares of the company’s stock valued at $65,000 after purchasing an additional 215 shares during the last quarter.

Champion Homes Price Performance

The firm’s fifty day simple moving average is $73.29 and its 200 day simple moving average is $72.55. The firm has a market cap of $4.19 billion, a P/E ratio of 19.90 and a beta of 1.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.59 and a current ratio of 2.39.

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.