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Analyst, Investor Action at Skyline – What’s Happening?

May 5th, 2017 Comments off
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Credits: Skyline, Pinterest.

For Skyline Homes, a recent rough patch has analysts and investors making moves.

According to the Cerbat Gem, TheStreet downgraded shares of the company from a “c” rating to a “d” rating, in a research note issued to investors late last week.

The move comes as Skyline’s stock price has declined over 26 percent since September 2016, which the Daily Business News has followed closely in the daily market wrap.

Also of note is the announcement regarding the shutdown of their Mansfield, Texas production facility, and the subsequent announcement that Champion Homes will acquire it.

Skyline followed up that announcement on March 9th, saying that it had suspended operations at its Elkhart, Indiana plant.

It’s not that we didn’t have the orders or the business or the customer base,” said Skyline president and CEO Richard Florea. “Despite demand from manufactured housing dealerships and manufactured housing communities, the leased facility used for production prevented daily volumes to reach and maintain profitable efficiencies.

Skyline has taken steps to ensure the 90 or so employees affected by the move are not without work, offering them jobs at other Skyline facilities in Wisconsin or Ohio or connecting them with other job opportunities.”

The SEC filing from Skyline said that the company was unable to profitably operate the 50,000 square-foot facility, which it began leasing from Forest River last year.

Investor Activity 

These developments have investors making moves, with Renaissance Technologies LLC raising its position in Skyline by 51.6 percent in the fourth quarter, now with a value of just over $5 million.

Wells Fargo & Company increased its position in Skyline by 2.5 percent in the first quarter, and now owns nearly 1.2 million shares valued at $11,233,000.

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Skyline 1 year look. Credit: Bloomberg.

As Daily Business News readers are already aware, Skyline is also one of the industry stocks monitored each business day. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Canadians Investing Large in U.S. Housing Markets

August 29th, 2014 Comments off

canada-us-flags-wikicommons-posted-daily-business-news-mhpronews-com-“In the U.S., given the affordability and the fact that prices in the suburbs went down more significantly than in the cities you will see more and more options and opportunities outside big cities,” said Benjamin Tal, Canadian Imperial Bank of Commerce (CIBC) analyst. With Canadian markets hot – and some fear over-heating – the bargains south of the border in the U.S. are appareling, Reuters  tells MHProNews.

Compared to Canadians, U.S. home builders may be more tentative. Canadian firms such as Mattamy Homes, Landmark Group and Brookfield Residential are targeting suburban U.S. markets, where they believe they see more value and lower costs. Some are planning 2 years out, when they believe U.S. recovery will be more solid; a nice way of saying that the bargain deals are here now.

Privately held Mattamy Homes is Canada’s biggest builder. They’ve purchased 9,600 acres in Florida alone this year, but also are operating in Minnesota, Arizona, North Carolina.

Landmark Group is a leader in Alberta. They’ve invested in land in Phoenix, Arizona, to build their first U.S. condos. Texas, California and Georgia are all on their radar.

Calgary, Alberta-based Brookfield Residential announced developments will start developing several new projects this year, ahead of their initial 2016 schedule. 

This news comes on the heals of China-based Landsea’s announcement that they will be doing 1 billion dollars in new U.S. Housing. Canadians investors are among those targeting the U.S. for manufactured home community purchases, for more, click here. ##

(Image credits: WikiCommons)