PGT Innovations (PGTI) Trading 15.2% Higher Following Better-Than-Expected Earnings

PGT Innovations Inc (NYSE:PGTI) shares traded up 15.2% on Thursday following a stronger than expected earnings report. The company traded as high as $24.16 and last traded at $23.33. 2,581,154 shares changed hands during mid-day trading, an increase of 312% from the average session volume of 626,089 shares. The stock had previously closed at $20.26.

The construction company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.12. PGT Innovations had a net margin of 9.90% and a return on equity of 26.98%. The firm had revenue of $199.08 million during the quarter, compared to analysts’ expectations of $165.62 million. During the same period in the previous year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 56.9% compared to the same quarter last year.

PGTI has been the subject of a number of research reports. B. Riley lifted their target price on PGT Innovations from $20.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. ValuEngine downgraded PGT Innovations from a “buy” rating to a “hold” rating in a report on Friday. Deutsche Bank initiated coverage on PGT Innovations in a report on Friday, October 19th. They set a “buy” rating and a $26.00 target price for the company. Wells Fargo & Co initiated coverage on PGT Innovations in a report on Thursday, October 4th. They set an “outperform” rating and a $25.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on PGT Innovations in a report on Thursday, October 4th. They set a “buy” rating and a $27.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $22.67.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sei Investments Co. raised its stake in PGT Innovations by 4,969.7% in the first quarter. Sei Investments Co. now owns 6,033 shares of the construction company’s stock valued at $112,000 after purchasing an additional 5,914 shares in the last quarter. Cypress Capital Management LLC WY acquired a new position in PGT Innovations in the second quarter valued at about $138,000. Aperio Group LLC acquired a new position in PGT Innovations in the second quarter valued at about $210,000. Oppenheimer Asset Management Inc. acquired a new position in PGT Innovations in the third quarter valued at about $214,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in PGT Innovations in the second quarter valued at about $220,000. 78.80% of the stock is owned by institutional investors.

The company has a market cap of $1.16 billion, a P/E ratio of 36.77, a PEG ratio of 1.04 and a beta of 0.88. The company has a debt-to-equity ratio of 1.03, a current ratio of 4.24 and a quick ratio of 3.47.

About PGT Innovations (NYSE:PGTI)

PGT Innovations, Inc manufactures and supplies residential impact-resistant windows and doors in the Southeastern United States, the Gulf Coast, Coastal mid-Atlantic, the Caribbean, Central America, and Canada. The company offers heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and wind-borne debris; and non-impact vinyl windows with insulating glass and multi-chambered frames for various climate zones.

See Also: Initial Public Offering (IPO)

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