Skyline (NYSEAMERICAN:SKY) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Skyline (NYSEAMERICAN:SKY) from a hold rating to a strong-buy rating in a report published on Saturday, Zacks.com reports. The firm currently has $35.00 price objective on the construction company’s stock.

According to Zacks, “Skyline Corporation designs, produces and distributes manufactured housing and recreational vehicles. “

Separately, Royal Bank of Canada set a $28.00 price target on Skyline and gave the stock a buy rating in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Skyline has a consensus rating of Buy and an average price target of $28.43.

SKY stock traded up $1.10 during trading on Friday, reaching $31.10. The company’s stock had a trading volume of 860,984 shares, compared to its average volume of 617,915. Skyline has a 1 year low of $12.72 and a 1 year high of $32.44.

Skyline (NYSEAMERICAN:SKY) last issued its quarterly earnings results on Wednesday, July 31st. The construction company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.07. The business had revenue of $372.00 million during the quarter, compared to analysts’ expectations of $356.76 million. During the same quarter in the previous year, the company posted $0.03 EPS. The company’s quarterly revenue was up 15.4% on a year-over-year basis.

In other news, EVP Jonathan Wade Lyall sold 3,500 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $30.30, for a total transaction of $106,050.00. Following the completion of the transaction, the executive vice president now owns 59,506 shares in the company, valued at $1,803,031.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Timothy A. Burkhardt sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $30.00, for a total value of $150,000.00. Following the transaction, the vice president now owns 41,359 shares of the company’s stock, valued at approximately $1,240,770. The disclosure for this sale can be found here. Insiders sold a total of 1,316,839 shares of company stock valued at $33,585,917 in the last quarter.

Several institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its holdings in shares of Skyline by 39.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,872 shares of the construction company’s stock valued at $36,000 after acquiring an additional 532 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Skyline by 19.4% in the 4th quarter. Legal & General Group Plc now owns 5,144 shares of the construction company’s stock valued at $75,000 after acquiring an additional 837 shares during the last quarter. Advisor Group Inc. lifted its holdings in shares of Skyline by 99.1% in the 2nd quarter. Advisor Group Inc. now owns 1,734 shares of the construction company’s stock valued at $48,000 after acquiring an additional 863 shares during the last quarter. Strs Ohio lifted its holdings in shares of Skyline by 14.1% in the 1st quarter. Strs Ohio now owns 8,900 shares of the construction company’s stock valued at $169,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Skyline by 40.7% in the 1st quarter. Victory Capital Management Inc. now owns 4,307 shares of the construction company’s stock valued at $82,000 after acquiring an additional 1,246 shares during the last quarter.

About Skyline

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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