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Posts Tagged ‘shareholders’

Skyline Champion (SKY) Hedge Fund Dumps Shares, Value Declines

May 1st, 2019 Comments off

 

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Sankaty Advisors Llc decreased its stake in Skyline Champion Corporation (SKY) by 29.6% based on its latest 2018Q4 regulatory filing with the SEC. Sankaty Advisors Llc sold 2.01 million shares as the company’s stock declined 5.55% while stock markets rallied. The hedge fund held 4.79M shares of the homebuilding company at the end of 2018Q4, valued at $70.32M, down from 6.80M at the end of the previous reported quarter. Sankaty Advisors Llc who had been investing in Skyline Champion Corporation for a number of months, seems to be less bullish one the $1.15B market cap company,” per Crypto Coins Tribune.

 

That investment group/hedge fund is not alone. Typos are in the original of what follows.

  • It has been reported that multiple insider activity took place at Skyline Champion Corporation (SKY),” said GV Times. BAIN CAPITAL CREDIT MEMBER, LL sold 4,787,131 shares in transaction occurred on 2019/03/05.”
  • On 2019/03/05 MAK CAPITAL ONE LLC, at SKY, dumped 1,500,000 shares at an average price of $20.21 per share. The selling total is valued at $22,032,847,” per that same source, which also reported the following.
  • CENTERBRIDGE CAPITAL PARTNERS had divested 4,313,071 shares through a trade on 2019/03/05.”

Obviously, there are buyers, not just sellers, of SKY.

But the graphic below tells an important tale of the ticker tape.  The Daily Business News on MHProNews has selected that same date as the SEC letter to Cavco Industries was announced as the arbitrary date for that arrow.  That said, while Cavco’s woes may or may not impact others, there are reasons that GV believes help explain their decline.

 

SkylineChampionSKYvsCavcoIndustriesManufacturedHousingIndustryProductionFactoryPreFabModularMHProNews2019-04-30_1422

As of the date and time shown, 4-30-2019 at 14:22 ET.

 

SKY “is trading at rather expensive levels at just over 2.85x price/book and 1.06x price/sales. Compared to others, Skyline Champion Corporation is in a different league with regards to profitability, having net margins of -6.1%. To put some perspective around this, the industry’s average net margin is 6.67%. SKY’s ROE is -22.1%, which is also considerably worse than the industry’s ROE of 15.57%. It’s also very liquid in the near term, with a current ratio of 1.5. The stock has a debt/capital of 0.25.”

The Post Analyst said, “Skyline Champion Corporation Revenue for the most recent quarter grew by -1.15% from the last quarter, totaling $351.36 million.”

All of this has to be considered in the light of the affordable housing crisis, and the historic underperformance of the industry. Who says the industry has serious upside? Skyline Champion.  They say the long-term average annually has been some 224,000 new homes, but for the last 12 years, HUD Code manufactured home shipments have failed to top 100,000. What’s going on?

 

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In 1998, manufactured homes (MH) outsold RVs by some 3 to 2. In 2017, RVs outsold MHs by some 5 to 1. RVs recovered far more quickly from 2008. The facts raise questions. One, is the effectiveness of MHI as the post-production or ‘umbrella’ association in the country. The other question is more sobering. Has Buffett-Berkshire “Moat” strategies kept manufactured home production at historically low levels to allow a few big boy brands to consolidate others at a discounted ‘value’ by MHI insiders?

 

There’s more to these factoids.  Skyline Champion has utilized a combination of MHI, MHVillage, MHInsider, and ManufacturedHomes at various times in the last year, and yet the firm is still struggling with their numbers.  Notice: as a disclaimer, while MHProNews/MHLivingNews and ManufacturedHomes have done some projects jointly in the past, we have never been jointly owned.

 

The problem if months of at least 6 months of overall industry decline in sales during an affordable housing crisis need to be traced back to issues that industry expert and publisher L. A. ‘Tony’ Kovach has repeatedly made in recent years.  Namely that pretty pictures, or sharp videos are not at the heart of the industry’s challenges.

 

LATonyKovachHenryFordQuotesPrettyPicturesAchieveGoalsDailyBusinessNewsProNews

 

The Skyline-Champion video that follows is elegant work.  Watch it, but then look at the data that follows.

 

 

But the reality is that problematic videos often get more views than positive ones like the one above.

 

SkylineChampionSKYvideoViewsManufacturedHomeProNews2019-04-30_1630

 

Retail Shoppers Insights

In the days ahead, a report based upon an actual retail customer review of their shopping experience at a Skyline Champion owned “Titan” sales center is anticipated, the result of a news tip from a prospective cash buyer.  Watch for it.  If you aren’t already on our industry leading emailed news list, via the link below.

That’s this morning’s manufactured home “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.”  © ## (News, analysis, and commentary.)

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers do.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

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2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

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New Skyline Champion Manufactured and Modular Home Factory Set to Open, Plus MH Market Updates

New Investigation, Insider Trades, Hedge Fund Dumps Cavco Industries (CVCO)

Legacy Housing Corporation’s $10 Million Stock Repurchase, Plus Manufactured Home Market Updates

“Lead, Follow … Or Get Out of The Way”

 

 

 

 

 

 

 

 

Cavco Industries New Board Member, Susan L. Blount – Corporate, Manufactured Home Industry Insights on Pick, Timing

January 29th, 2019 Comments off

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Cavco Industries (CVCO) has provided a recent release to the Daily Business News on MHProNews, regarding the announced selection of Susan L. Blount to the troubled firm’s Board Of Directors.

 

We’ve held that release for reasons that yesterday’s report on Cavco make clear. Before turning to portions of the Cavco release, industry sources tell MHProNews what this move represents.

Blunt on the Cavco Board of Directors is “…meant to inspire confidence both now and going forward…” for the Securities and Exchange Commission (SEC), plus the firm’s current and prospective shareholders.

Sources also say that this move to bring Blount on board is meant to blunt prospective plaintiffs attorneys too. Cavco, per sources, have engaged in several moves designed to prepare the firm for the legal battles that are expected.  For more on those legal issues, see the related reports, further below.

 

Here are some quotes from Cavco’s release to MHProNews, following the composite screen capture from LinkedIn.

 

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Cavco Industries Appoints Susan L. Blount to Board Of Directors

Former EVP and General Counsel of Prudential Financial Inc. will Bolster the Board’s Financial Services, Governance and Insurance Expertise

Cavco Industries, Inc. (NASDAQ: CVCO)…announced that its Board of Directors (“Board”) appointed Susan L. Blount as an independent director of the Company’s Board. Ms. Blount, an experienced financial services executive, retired as Executive Vice President and General Counsel of Prudential Financial, Inc. in 2015, having served as General Counsel since 2005.

Ms. Blount’s appointment fills the vacancy on Cavco’s Board and brings its current membership to five directors, all of whom are independent. She will be a member of the Company’s Corporate Governance and Nominating Committee and the Company’s Compensation Committee.

We are extremely pleased to welcome Susan Blount to our Board,” commented William Boor, non-executive Chairman of the Board of Cavco. “Susan’s accomplishments speak for themselves. She has significant and very relevant experience in strategy, corporate governance, risk and compliance in both the public and private sectors.”

Mr. Boor continued, “Susan’s addition reflects our commitment to enhance the Board’s capabilities and diversity. We look forward to getting the benefit of her insights, judgment and counsel, and we are confident that Susan will make a meaningful and very positive impact on our Company’s future success.”

I am excited to join and begin to work with the Cavco Board as we move into 2019,” said Ms. Blount. “Cavco fills an important role in the US housing market and the Company has impressed me with its strong commitment to governance and focus on superior stockholder returns.”

Ms. Blount is an outstanding addition to our Board,” added Daniel Urness, President and Acting Chief Executive Officer of Cavco. “Her public company and diverse corporate management experience will offer fresh perspectives and oversight to help our leadership team enhance long-term shareholder value.”

Susan L. Blount

From 2005 to 2015, Susan Blount served as General Counsel of Prudential Financial, Inc. (Prudential), a leading provider of insurance, retirement and asset management products and services. In that role, Ms. Blount led the company’s global law, compliance, business ethics and external affairs organization. During that time, Ms. Blount was a member of key senior management committees including the Office of the Chairman Group, the Enterprise Risk Committee and the Capital and Financial Controls Committee. Ms. Blount joined Prudential in 1985 as a staff attorney in the company’s commercial real estate organization. Before being appointed General Counsel, she held various positions of increasing responsibility, including Chief Investment Counsel, Vice President and Corporate Secretary, and Associate General Counsel and Head of Shareholder Service. Prior to joining Prudential, Ms. Blount was an Associate at Kirkland & Ellis.

In 2017, Ms. Blount was an Advanced Leadership Initiative Fellow at Harvard University. Since 2016, she has taught as an adjunct professor at the University of Texas School of Law. Ms. Blount is active in professional and community service. She currently serves on the University of Texas Law School Foundation, the Executive Committee of the Center for Women in Law and the Nantucket Historical Association. Ms. Blount has also served on the Boards of organizations such as Montclair State University, the Leadership Council for Legal Diversity, the Association of Corporate Counsel and the New Jersey Law and Education Empowerment Project. She has also been a faculty member at Stanford University’s annual Directors’ College and a participant in Stanford’s Institutional Investors Forum.

Ms. Blount graduated from The University of Texas at Austin with a bachelor’s degree in history and a juris doctor with honors.

About Cavco Industries, Inc.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle and Lexington Homes.

The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. Cavco’s mortgage subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer, a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

— end of quoted section of Cavco release —

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JoeStegmayerCavcoCVCOMIChairBrianMontgomeryHUDFHASameLandyUMHPresidentDailyBusinessNewsMHPronews

That’s MH “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

Related Reports:

You can click on the image/text boxes to learn more about that topic.

Cavco Industries (CVCO) Class Action Suit

Insider Trades, New Cavco Industries Investigation, Selling – Plus More Manufactured Housing Stock Updates

Hedge Fund’s Cavco Move, and More from Inside MHVille

 

Manufactured Home Production Decline Accelerates in November 2018

Manufactured Housing Institute on Cavco Industries, ex-Chairman Joe Stegmayer SEC “Debacle”

 

American Land Lease announces Dividend

November 12th, 2014 Comments off

american-land-lease-ALLCorporateLogonewstandard-posted-daily-business-news-mhpronews-com-American Land Lease, Inc. announced that it’s Company’s Board of Directors declared a quarterly cash dividend on its 7.75% Series A Preferred Shares.

Dividends on the Company’s Series A Preferred Shares are payable on December 1, 2014 to shareholders of record as of the close of business on November 20, 2014 and will be $0.4844 per share, MHProNews has learned.

As regular Daily Business News readers know, American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns and manages high-quality residential land-lease communities, aka manufactured home communities (or to those using dated terminology, ‘mobile home parks’).

The firm operates approximately 19,325 land-lease home sites in communities located in 11 states that are owned directly or by affiliated entities. The firm entered into an agreement earlier this year to be acquired by Sun Communities, in a $1.32 billion dollar deal, that should be nearing completion.

Additional details can be obtained from their General Counsel, Benjamin S. Allen. ##

 

Killam Properties Announces .05 Dividend

September 25th, 2014 Comments off

killam_properties_mfg_homeKillam Properties, Inc. (TSE:KMP) has announced a dividend of $0.05 per share on Wed. Oct 15, 2014 to shareholders of record on Sept. 30, according to watchlistnews.com. This represents a dividend yield of 5.76 percent. With five analysts having issued a hold rating and two a buy rating, Killam has an average rating of “hold” and a consensus price target of C$11.54. The stock has a one-year low of $10.02 and a one-year high of $11.16. In trading today, Thurs., Sept. 25, the stock closed up +0.29 percent at 10.39. MHProNews knows Killam, based in Halifax, Nova Scotia, is one of the largest owners of manufactured housing communities in Canada. ##

(Photo credit: Killam Properties, Inc.)

Sun Communities Declares Quarterly Dividend

December 19th, 2013 Comments off

Sun Communities, Inc. (NYSE:SUI) has announced a quarterly dividend of $0.63 per share payable to shareholders of record on Dec. 31, 2013. This represents a $2.52 annualized dividend with a yield of 5.95 percent payable Jan. 17th. Three equities research analysts have issued a buy rating on the stock, while one has issued a hold, according to zolmax.com. The stock opened today (Dec. 19) at 42.34, and has a 52-week range from $38.77 per share to $57.78. As MHProNews knows, real estate investment trust (REIT) Sun owns 185 manufactured home and recreational vehicle communities comprised of 68,300 homesites.

(Photo credit: Sun Communities, Inc.)

Semiannual Dividend Declared by UFPI

November 29th, 2013 Comments off

MHProNews has learned from tickerreport.com Universal Forest Products Inc. (UFPI) has declared a $0.21 per share semiannual dividend payable Sunday, Dec. 15th to shareholders of record Dec. 1, 2013. UFPI’s previous semiannual dividend was $0.20. On Oct. 23 analysts at Zacks upgraded shares of UFPI from “neutral” to “outperform” rating with a $59.00 price target on the stock. Meanwhile, on Oct. 17 DA Davidson analysts downgraded shares of UFPI from a “buy” rating to a “neutral” rating with a price target of $52.00. Universal is a component supplier of wood and wood-alternative products to the manufactured housing industry.

(Photo credit: Universal Forest Products, Inc.)

Drew Declares Good Draw for Stockholders

November 25th, 2013 Comments off

Elkhart, Indiana-based Drew Industries, Inc. has announced a special cash dividend of $2.00 per share of common stock to stockholders on record as of Dec. 20, 2013, payable on Jan. 6, 2014. “We are pleased to demonstrate our continued commitment to shareholder value through this special dividend,” said Jason Lippert, Drew’s CEO. “It reflects the Board’s confidence in the Company’s consistent financial performance and in its long-term strategic goals.” SacBee.com reports Drew’s Joe Giordano says the company will continue to grow sales through acquisitions and innovative products. As MHProNews knows, Drew supplies a myriad of components to the manufactured housing and recreational vehicle markets through its Kinro and Lippert Components subsidiaries. Drew’s (DW) stock closed unchanged Fri., Nov. 22 at $51.46.

UFPI to Post Q3 Results

October 16th, 2013 Comments off

Universal Forest Products, Inc. (NASDAQ:UFPI) will release its Q3 2013 financials Thursday, Oct. 17, at 8:30 AM EST. Headquartered in Grand Rapids, Michigan, as MHProNews knows the company supplies the manufactured housing industry with solid wood and wood-like products as well as plastic and other materials. Analysts expect UFPI to post earnings of +$0.54 per share and revenue of $625.77 for the third quarter, according to northforkvue.com. The company’s market cap is $835.5 million with a price-to-earning ratio of 36.41. To listen to the conference, please click here.

(Photo credit: Universal Forest Products, Inc.)

Sun Declares Two Stock Dividend

September 20th, 2013 Comments off

Southfield, Michigan-based Sun Communities, Inc. (SUI) has declared a $0.63 dividend per share of common stock for the third quarter of 2013, payable Oct. 18, 2013 to shareholders of record Sept. 30, 2013. The board of directors of this real estate investment trust (REIT) also declared a dividend per share of $0.4453125 for the company’s 7.125% Series A Cumulative Redeemable Preferred Stock payable Oct. 15, 2013 to shareholders of record Oct. 2, 2013. According to marketwatch.com, the preferred stock was issued Nov. 12, 2012. MHProNews knows Sun owns and operates a portfolio of 185 manufactured housing and recreational vehicle communities comprised of 68,200 developed sites.

(Photo credit: Sun Communities, Inc.)

Modular Builder Declares Dividend

August 16th, 2013 Comments off

Canada’s Black Diamond Group Limited has declared a dividend of $0.07 cents a common share payable Sept. 16, 2013 to shareholders of record as of Aug. 30, 2013. Through its subsidiaries the company rents and sells modular workforce housing and buildings to projects in remote areas, and provides supportive services for those locations. It feeds into a number of industries including oil and gas, mining, power, construction, engineering, military, government and education As MHProNews has learned from marketwire, based in Calgary, Alberta, Black Diamond has 17 facilities across the U. S., Canada and Australia.

(Photo credit:globalregina/modular man camp)