PGT Innovations (PGTI) Shares Gap Up After Strong Earnings

PGT Innovations Inc (NYSE:PGTI) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $24.16, but opened at $23.33. PGT Innovations shares last traded at $22.49, with a volume of 28504 shares trading hands.

The construction company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.12. PGT Innovations had a net margin of 9.92% and a return on equity of 25.71%. The business had revenue of $199.08 million during the quarter, compared to the consensus estimate of $165.62 million. During the same period in the prior year, the firm posted $0.16 EPS. The firm’s quarterly revenue was up 56.9% compared to the same quarter last year.

A number of equities research analysts have issued reports on PGTI shares. B. Riley upped their price objective on shares of PGT Innovations from $20.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. ValuEngine downgraded shares of PGT Innovations from a “buy” rating to a “hold” rating in a research report on Tuesday, September 18th. Wells Fargo & Co started coverage on shares of PGT Innovations in a research report on Thursday, October 4th. They issued an “outperform” rating and a $25.00 price objective for the company. Jefferies Financial Group started coverage on shares of PGT Innovations in a research report on Thursday, October 4th. They issued a “buy” rating and a $27.00 price objective for the company. Finally, Deutsche Bank started coverage on shares of PGT Innovations in a research report on Friday, October 19th. They issued a “buy” rating and a $26.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $22.67.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL purchased a new position in PGT Innovations in the third quarter valued at about $2,117,000. Cadence Capital Management LLC boosted its stake in PGT Innovations by 20.0% in the third quarter. Cadence Capital Management LLC now owns 151,230 shares of the construction company’s stock valued at $3,267,000 after acquiring an additional 25,247 shares during the last quarter. Engineers Gate Manager LP boosted its stake in PGT Innovations by 34.8% in the third quarter. Engineers Gate Manager LP now owns 67,300 shares of the construction company’s stock valued at $1,454,000 after acquiring an additional 17,385 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in PGT Innovations by 36.5% in the third quarter. State Board of Administration of Florida Retirement System now owns 79,761 shares of the construction company’s stock valued at $1,723,000 after acquiring an additional 21,327 shares during the last quarter. Finally, Cypress Capital Management LLC WY boosted its stake in PGT Innovations by 344.7% in the third quarter. Cypress Capital Management LLC WY now owns 29,350 shares of the construction company’s stock valued at $634,000 after acquiring an additional 22,750 shares during the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

The company has a current ratio of 2.82, a quick ratio of 3.47 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.08 and a beta of 0.89.

PGT Innovations Company Profile (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.

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