Skyline Champion (NYSE:SKY) Shares Gap Up on Better-Than-Expected Earnings

Skyline Champion Co. (NYSE:SKY) gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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, topping 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%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SKY. Jefferies Financial Group upped their target price on Skyline Champion from $79.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Craig Hallum raised their price objective on Skyline Champion from $92.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada raised their price objective on Skyline Champion from $82.00 to $88.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Finally, Barclays raised their price objective on Skyline Champion from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skyline Champion has a consensus rating of “Hold” and an average target price of $85.40.

Hedge Funds Weigh In On Skyline Champion

Several institutional investors and hedge funds have recently bought and sold shares of SKY. Truvestments Capital LLC bought a new stake in shares of Skyline Champion in the 3rd quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Skyline Champion in the 3rd quarter worth approximately $67,000. nVerses Capital LLC bought a new stake in shares of Skyline Champion in the 3rd quarter worth approximately $76,000. Venturi Wealth Management LLC bought a new stake in shares of Skyline Champion in the 4th quarter worth approximately $112,000. Finally, KBC Group NV grew its position in shares of Skyline Champion by 53.9% in the 4th quarter. KBC Group NV now owns 2,288 shares of the company’s stock worth $202,000 after buying an additional 801 shares during the last quarter.

Skyline Champion Trading Up 9.4 %

The stock has a market capitalization of $5.83 billion, a P/E ratio of 39.07 and a beta of 1.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.64 and a current ratio of 2.42. The stock has a 50-day moving average price of $94.69 and a two-hundred day moving average price of $92.15.

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.