Skyline Co. (NYSEAMERICAN:SKY) shares rose 13.9% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $25.00 and last traded at $24.80. Approximately 1,798,095 shares were traded during trading, an increase of 178% from the average daily volume of 646,082 shares. The stock had previously closed at $21.78.
The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.05. The business had revenue of $327.68 million during the quarter, compared to the consensus estimate of $348.50 million.
A number of analysts have recently commented on the company. Zacks Investment Research raised Skyline from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, February 12th. Royal Bank of Canada set a $28.00 price target on Skyline and gave the company a “buy” rating in a research note on Thursday. Craig Hallum reissued a “buy” rating and set a $30.00 price target (down from $37.00) on shares of Skyline in a research note on Thursday, February 7th. Finally, SunTrust Banks raised Skyline from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Thursday, January 31st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $26.71.
Several institutional investors have recently bought and sold shares of SKY. FMR LLC lifted its stake in shares of Skyline by 110.8% in the fourth quarter. FMR LLC now owns 2,218,129 shares of the construction company’s stock worth $32,584,000 after acquiring an additional 1,165,832 shares during the period. Marshall Wace LLP lifted its stake in shares of Skyline by 2,307.1% in the first quarter. Marshall Wace LLP now owns 1,133,725 shares of the construction company’s stock worth $21,540,000 after acquiring an additional 1,086,625 shares during the period. BlackRock Inc. lifted its stake in shares of Skyline by 54.6% in the fourth quarter. BlackRock Inc. now owns 2,415,692 shares of the construction company’s stock worth $35,486,000 after acquiring an additional 852,796 shares during the period. Vanguard Group Inc lifted its stake in shares of Skyline by 196.0% in the third quarter. Vanguard Group Inc now owns 970,946 shares of the construction company’s stock worth $27,740,000 after acquiring an additional 642,938 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Skyline by 196.0% in the third quarter. Vanguard Group Inc. now owns 970,946 shares of the construction company’s stock worth $27,740,000 after acquiring an additional 642,938 shares during the period.
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About Skyline (NYSEAMERICAN:SKY)
Skyline Corporation designs, produces, and markets manufactured housing, modular housing, and park models to independent dealers and manufactured housing communities in the United States and Canada. The company's manufactured housing models include two to four bedrooms, kitchen, dining area, living room, one or two bathrooms, kitchen appliances, and central heating and cooling products, as well as exterior dormers and windows, interior or exterior accent columns, fireplaces, and whirlpool tubs.
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