Skyline Champion (NYSE:SKY) Shares Gap Up on Earnings Beat

Skyline Champion Co. (NYSE:SKY - Get Free Report)'s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $92.75, but opened at $98.41. Skyline Champion shares last traded at $101.20, with a volume of 14,784 shares traded.

The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.24. Skyline Champion had a return on equity of 13.20% and a net margin of 6.42%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of Skyline Champion from $79.00 to $86.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Royal Bank of Canada upped their target price on shares of Skyline Champion from $88.00 to $96.00 and gave the stock a "sector perform" rating in a report on Thursday. Craig Hallum raised their price target on shares of Skyline Champion from $92.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Barclays upped their price target on shares of Skyline Champion from $90.00 to $106.00 and gave the stock an "equal weight" rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $90.20.

Hedge Funds Weigh In On Skyline Champion

A number of hedge funds and other institutional investors have recently bought and sold shares of SKY. FMR LLC lifted its holdings in shares of Skyline Champion by 32.3% during the 3rd quarter. FMR LLC now owns 1,491,907 shares of the company's stock worth $141,507,000 after acquiring an additional 363,885 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Skyline Champion during the third quarter worth about $27,769,000. Principal Financial Group Inc. lifted its stake in Skyline Champion by 5,843.2% during the fourth quarter. Principal Financial Group Inc. now owns 256,924 shares of the company's stock worth $22,635,000 after purchasing an additional 252,601 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Skyline Champion by 80.7% in the 4th quarter. Bank of New York Mellon Corp now owns 351,060 shares of the company's stock worth $30,928,000 after purchasing an additional 156,757 shares in the last quarter. Finally, Cerity Partners LLC increased its position in shares of Skyline Champion by 118.8% during the 3rd quarter. Cerity Partners LLC now owns 188,767 shares of the company's stock valued at $17,905,000 after purchasing an additional 102,506 shares during the last quarter.

Skyline Champion Trading Up 0.3 %

The company has a market capitalization of $6.06 billion, a PE ratio of 40.77 and a beta of 1.62. The stock has a fifty day moving average of $94.72 and a two-hundred day moving average of $92.24. The company has a current ratio of 2.42, a quick ratio of 1.64 and a debt-to-equity ratio of 0.02.

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.