MH News – New Jersey Pension Fund Increases Stake in Skyline Champion Co as Housing Industry Continues to Thrive
On April 25, 2023, financial news reported that the State of New Jersey Common Pension Fund D raised its stake in Skyline Champion Co. (NYSE:SKY) by 9.7%, according to the company’s most recent 13F filing with the Securities and Exchange Commission. The fund now owns approximately 0.08% of Skyline Champion worth $2,374,000 at the end of the most recent reporting period after purchasing an additional 4,056 shares during the last quarter.
Skyline Champion is a manufacturer of mobile homes and other manufactured housing with various brands such as Skyline Homes, Champion Home Builders, Athens Park Model RV’s, Dutch Housing, Excel Homes, Homes of Merit, New Era, Redman Homes, Shore Park, Silvercrest and Titan Homes in the United States. These brands have diversified their customer base over time and remain market leaders in their niche within this sector.
Despite financial volatility over the past few years due to economic factors beyond its control; it reported strong earnings results on Tuesday, February 7th which pleased both insiders and analysts. Specifically; they announced earnings per share (EPS) of $1.44 for Q4 for fiscal year 2022 which exceeded analysts’ consensus estimates by $0.47 with revenue totaling $582 million compared to market expectations of $534 million instead.
In addition to overall positive performance from Skyline Champion Corp; they have managed to scale new heights in revenue growth, reaching an impressive 8.9% increase in company revenue growth from Q4 fiscal year 2022 as opposed to Q4 fiscal year 2021. Overall, industry experts have praised both management tactics and quality of their underlying business model for this continued success.
Looking ahead; sell-side analysts anticipate that Skyline Champion Co will post an impressive EPS score of 6.74 for the entirety of FY23 given all present conditions – highlighting their optimism towards the company for the years to come.
(Source: BEST STOCKS)