Champion Homes (NYSE:SKY) Shares Down 7.1% – Here’s Why

Champion Homes, Inc. (NYSE:SKY)’s share price was down 7.1% during trading on Wednesday. The stock traded as low as $80.28 and last traded at $79.78. Approximately 298,409 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 686,687 shares. The stock had previously closed at $85.89.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SKY. Oppenheimer initiated coverage on Champion Homes in a report on Wednesday, September 30th. They set a “market perform” rating on the stock. Zelman & Associates upgraded Champion Homes from a “hold” rating to an “outperform” rating in a research note on Thursday, August 6th. Zacks Research raised Champion Homes from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Royal Bank Of Canada lifted their price target on shares of Champion Homes from $92.00 to $99.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised shares of Champion Homes from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

Champion Homes Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.97 and a current ratio of 2.74. The firm has a 50 day moving average price of $87.71 and a two-hundred day moving average price of $81.30. The company has a market capitalization of $4.40 billion, a P/E ratio of 23.63 and a beta of 1.02.

Champion Homes (NYSE:SKY) last posted its earnings results on Tuesday, August 4th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. Champion Homes had a return on equity of 12.52% and a net margin of 7.16%.The business had revenue of $710.23 million during the quarter, compared to the consensus estimate of $701.98 million. During the same quarter last year, the company earned $1.19 EPS. Champion Homes’s revenue was up 1.3% on a year-over-year basis. On average, research analysts expect that Champion Homes, Inc. will post 3.4 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael Berman sold 1,500 shares of Champion Homes stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.22, for a total transaction of $139,830.00. Following the completion of the transaction, the director directly owned 6,825 shares of the company’s stock, valued at $636,226.50. This trade represents a 18.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Erin Helgren sold 1,100 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $95.00, for a total transaction of $104,500.00. Following the completion of the transaction, the director owned 8,196 shares in the company, valued at approximately $778,620. This trade represents a 11.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Assetmark Inc. raised its position in shares of Champion Homes by 16.8% during the 1st quarter. Assetmark Inc. now owns 1,000 shares of the company’s stock valued at $74,000 after acquiring an additional 144 shares during the last quarter. Mirador Capital Partners LP boosted its position in shares of Champion Homes by 0.3% in the 2nd quarter. Mirador Capital Partners LP now owns 51,684 shares of the company’s stock worth $4,554,000 after purchasing an additional 178 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Champion Homes by 0.4% in the 1st quarter. Bessemer Group Inc. now owns 47,664 shares of the company’s stock worth $3,544,000 after purchasing an additional 184 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Champion Homes by 80.3% during the third quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $46,000 after purchasing an additional 241 shares during the period. Finally, Central Pacific Bank Trust Division grew its stake in shares of Champion Homes by 7.1% during the second quarter. Central Pacific Bank Trust Division now owns 5,113 shares of the company’s stock worth $451,000 after purchasing an additional 340 shares during the period.

About Champion Homes

Champion Homes, Inc (NYSE:SKY) is a manufacturer of factory-built housing in North America. The company designs and produces manufactured and modular homes, along with park model recreational vehicles and other off-site construction products. Its homes are sold through independent and company-owned retailers, developers, and other housing channels.

The company’s products serve a range of residential needs, including affordable single-family housing, workforce housing, multifamily developments, accessory dwelling units, and disaster-recovery housing.