Skyline (SKY) Shares Down 16.4% Following Insider Selling
Skyline Co. (NYSEAMERICAN:SKY) shares fell 16.4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $18.12 and last traded at $18.35. 1,661,178 shares traded hands during trading, an increase of 426% from the average session volume of 315,973 shares. The stock had previously closed at $21.94.
Specifically, CEO Keith A. Anderson sold 89,378 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $29.25, for a total transaction of $2,614,306.50. Following the sale, the chief executive officer now owns 1,281,596 shares in the company, valued at approximately $37,486,683. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bain Capital Credit Member, Ll sold 1,750,000 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $21.80, for a total transaction of $38,150,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,392,729 shares of company stock worth $273,608,869.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Skyline from a “hold” rating to a “sell” rating in a research report on Wednesday. Credit Suisse Group assumed coverage on shares of Skyline in a research report on Thursday, November 29th. They set a “neutral” rating and a $25.00 price objective on the stock. Royal Bank of Canada set a $34.00 price objective on shares of Skyline and gave the company a “buy” rating in a research report on Wednesday, November 7th. Barclays assumed coverage on shares of Skyline in a research report on Tuesday, October 2nd. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Skyline in a research report on Friday, September 7th. They set a “buy” rating and a $36.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Skyline currently has an average rating of “Hold” and an average price target of $32.83.
Several institutional investors have recently added to or reduced their stakes in the company. Strs Ohio grew its holdings in shares of Skyline by 155.0% in the third quarter. Strs Ohio now owns 5,100 shares of the construction company’s stock valued at $145,000 after purchasing an additional 3,100 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Skyline by 317.7% in the third quarter. Legal & General Group Plc now owns 4,307 shares of the construction company’s stock valued at $123,000 after purchasing an additional 3,276 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Skyline in the third quarter valued at $104,000. Brasada Capital Management LP grew its holdings in shares of Skyline by 140.0% in the third quarter. Brasada Capital Management LP now owns 12,000 shares of the construction company’s stock valued at $343,000 after purchasing an additional 7,000 shares in the last quarter. Finally, American International Group Inc. grew its holdings in shares of Skyline by 177.9% in the third quarter. American International Group Inc. now owns 12,450 shares of the construction company’s stock valued at $356,000 after purchasing an additional 7,970 shares in the last quarter.
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Skyline Company Profile (NYSEAMERICAN:SKY)
Skyline Corporation designs, produces, and markets manufactured housing, modular housing, and park models to independent dealers and manufactured housing communities in the United States and Canada. The company's manufactured housing models include two to four bedrooms, kitchen, dining area, living room, one or two bathrooms, kitchen appliances, and central heating and cooling products, as well as exterior dormers and windows, interior or exterior accent columns, fireplaces, and whirlpool tubs.
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