PGT Innovations (NYSE:PGTI) Trading 7.4% Higher on Strong Earnings

PGT Innovations, Inc. (NYSE:PGTIGet Rating)’s share price traded up 7.4% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $18.18 and last traded at $17.98. 2,317 shares were traded during mid-day trading, a decline of 99% from the average session volume of 312,319 shares. The stock had previously closed at $16.74.

The construction company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $358.66 million during the quarter, compared to analyst estimates of $336.25 million. PGT Innovations had a net margin of 2.70% and a return on equity of 11.66%. The company’s revenue was up 32.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 earnings per share.

PGTI has been the subject of several research reports. StockNews.com initiated coverage on shares of PGT Innovations in a research note on Thursday, March 31st. They set a “hold” rating for the company. TheStreet cut shares of PGT Innovations from a “b-” rating to a “c+” rating in a research note on Wednesday, April 13th. JPMorgan Chase & Co. lowered their price objective on shares of PGT Innovations from $21.50 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday, April 20th. Finally, Zacks Investment Research raised shares of PGT Innovations from a “sell” rating to a “hold” rating in a research note on Wednesday.

In related news, VP Deborah L. Lapinska sold 5,000 shares of PGT Innovations stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $21.39, for a total transaction of $106,950.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rodney Hershberger sold 2,000 shares of PGT Innovations stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $21.43, for a total transaction of $42,860.00. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of PGTI. Wellington Management Group LLP lifted its holdings in PGT Innovations by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 7,397,003 shares of the construction company’s stock worth $141,284,000 after buying an additional 1,373,303 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in PGT Innovations by 106.7% in the 1st quarter. William Blair Investment Management LLC now owns 1,406,722 shares of the construction company’s stock worth $25,293,000 after buying an additional 726,131 shares in the last quarter. Stadium Capital Management LLC lifted its holdings in PGT Innovations by 97.1% in the 4th quarter. Stadium Capital Management LLC now owns 916,272 shares of the construction company’s stock worth $20,607,000 after buying an additional 451,499 shares in the last quarter. BlackRock Inc. lifted its holdings in PGT Innovations by 3.7% in the 4th quarter. BlackRock Inc. now owns 9,337,524 shares of the construction company’s stock worth $210,002,000 after buying an additional 334,391 shares in the last quarter. Finally, Cooke & Bieler LP lifted its holdings in PGT Innovations by 8.3% in the 3rd quarter. Cooke & Bieler LP now owns 3,799,431 shares of the construction company’s stock worth $72,569,000 after buying an additional 292,025 shares in the last quarter. Hedge funds and other institutional investors own 87.24% of the company’s stock.

The company has a debt-to-equity ratio of 1.18, a quick ratio of 2.43 and a current ratio of 3.10. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 30.78 and a beta of 1.35. The business’s fifty day simple moving average is $18.71 and its 200 day simple moving average is $20.21.

PGT Innovations Company Profile (NYSE:PGTI)

PGT Innovations, Inc, together with its subsidiaries manufactures and supplies impact-resistant aluminum frame windows and doors in the United States and internationally. The company provides heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and wind-borne debris; and non-impact resistant vinyl windows with insulating glass and multi-chambered frames for various climate zones.

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