Wellington Management Co. LLP recently announced the acquisition of new stake in Skyline Champion Corporation (NYSE:SKY). The institutional investor has increased its shareholding in the Consumer Cyclical company by 23.62% to 7.4 million shares with purchase of 1.41 million shares. This fresh investment now brings its stake to 13.01% valued currently at $381.35 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.27 million to 5.76 million shares. And American Century Investment Manag has lifted its position by 7.09% or 0.15 million shares – to 2.22 million shares.
With over 0.33 million Skyline Champion Corporation (SKY) shares trading Friday and a closing price of $58.98 on the day, the dollar volume was approximately $19.65 million. The shares have shown a positive half year performance of 6.62% and its price on 01/13/23 lost nearly -0.34%. Currently, there are 56.96M common shares owned by the public and among those 55.94M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for SKY have a consensus price objective of $64.83. The analysts have set the share’s price value over the next 12 months at a high of $80.00 and a low of $54.00. The average price target is 9.02% above its recent price level and a downside to the estimated low will see the stock lose -9.22% over that period. But an upside of 26.28% will see the stock hit the forecast high price target while median target price for the stock is $62.50.
Insiders at the company have transacted a total of 39 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 35,440 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 51,791 shares.
The top 3 mutual fund holders in Skyline Champion Corporation are Vanguard Explorer Fund, American Century Small Cap Value, and Vanguard Total Stock Market Index. Vanguard Explorer Fund owns 1.79 million shares of the company’s stock, all valued at over $92.15 million. The company bought an additional 0.1 million shares recently to bring their total holdings to about 3.14% of the shares outstanding. American Century Small Cap Value sold 80000.0 shares to see its total holdings shrink to 1.65 million shares valued at over $84.73 million and representing 2.89% of the shares outstanding. Vanguard Total Stock Market Index bought 2375.0 shares to bring its total holdings to over 1.63 million shares at a value of $83.76 million. Vanguard Total Stock Market Index now owns shares totaling to 2.86% of the shares outstanding.
Shares of Skyline Champion Corporation (NYSE: SKY) opened at $58.16, down -$1.02 from a prior closing price of $59.18. However, the script later moved the day high at 59.80, down -0.34%. The company’s stock has a 5-day price change of 8.26% and 6.12% over the past three months. SKY shares are trading 14.50% year to date (YTD), with the 12-month market performance down to -15.63% lower. It has a 12-month low price of $43.04 and touched a high of $81.87 over the same period. SKY has an average intraday trading volume of 405.56K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.23%, 13.22%, and 8.28% respectively.
Institutional ownership of Skyline Champion Corporation (NYSE: SKY) 56.96M shares outstanding. Mutual fund holders own 45.85%, while other institutional holders and individual stakeholders account for 55.01% and 21.23% respectively.
It has a market capitalization of $3.37B and a beta (3y monthly) value of 1.68. The stock’s trailing 12-month PE ratio is 8.14, while the earnings-per-share (ttm) stands at $7.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.37% over the week and 3.00% over the month.
Analysts forecast that Skyline Champion Corporation (SKY) will achieve an EPS of $1.82 for the current quarter, $1.17 for the next quarter and $4.83 for 2024. The lowest estimate earnings-per-share for the quarter is $1.5 while analysts give the company a high EPS estimate of $2.01. Comparatively, EPS for the current quarter was $0.89 a year ago. Earnings per share for the fiscal year are expected to increase by 190.70%, and -39.76% over the next financial year. EPS should shrink at an annualized rate of -2.20% over the next five years, compared to 79.73% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Skyline Champion Corporation (SKY) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 3 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SKY, a number of firms have released research notes about the stock. Barclays stated their Equal Weight rating for the stock in a research note on December 14, 2022, with the firm’s price target at $65-$60. RBC Capital Mkts coverage for the Skyline Champion Corporation (SKY) stock in a research note released on November 03, 2022 offered a Sector Perform rating with a price target of $54. Wedbush was of a view on July 07, 2022 that the stock is Outperform, while RBC Capital Mkts gave the stock Outperform rating on February 04, 2022, issuing a price target of $81- $87. Wedbush on their part issued Neutral rating on March 02, 2021.