Skyline (SKY) Shares Down 7.9%

Skyline Co. (NYSEAMERICAN:SKY) shares dropped 7.9% on Friday . The company traded as low as $24.23 and last traded at $24.23. Approximately 689,973 shares traded hands during trading, an increase of 151% from the average daily volume of 275,143 shares. The stock had previously closed at $26.32.

SKY has been the topic of a number of recent analyst reports. Royal Bank of Canada initiated coverage on shares of Skyline in a research report on Tuesday, August 28th. They set an “outperform” rating and a $33.00 price target on the stock. SunTrust Banks initiated coverage on shares of Skyline in a research report on Tuesday, September 4th. They set a “hold” rating and a $30.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Skyline in a research report on Friday, September 7th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Barclays initiated coverage on shares of Skyline in a research report on Tuesday, October 2nd. They issued an “overweight” rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $34.20.

In other Skyline news, major shareholder Mak Capital One Llc sold 2,824,671 shares of Skyline stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $20.79, for a total value of $58,724,910.09. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Roger K. Scholten sold 1,662 shares of Skyline stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $22.00, for a total transaction of $36,564.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,925,566 shares of company stock worth $344,466,288.

Institutional investors and hedge funds have recently bought and sold shares of the company. Highland Capital Management LP purchased a new position in shares of Skyline in the second quarter worth about $21,277,000. Mak Capital One LLC purchased a new position in shares of Skyline in the second quarter worth about $478,443,000. Royce & Associates LP increased its stake in shares of Skyline by 12.6% in the second quarter. Royce & Associates LP now owns 134,100 shares of the construction company’s stock worth $4,699,000 after purchasing an additional 15,000 shares in the last quarter. EAM Investors LLC increased its stake in shares of Skyline by 98.9% in the second quarter. EAM Investors LLC now owns 66,189 shares of the construction company’s stock worth $2,319,000 after purchasing an additional 32,919 shares in the last quarter. Finally, EAM Global Investors LLC purchased a new position in shares of Skyline in the second quarter worth about $1,484,000.

Skyline Company Profile (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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