PGT Innovations Inc (PGTI) Stake Lowered by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. cut its stake in PGT Innovations Inc (NASDAQ:PGTI) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 762,897 shares of the construction company’s stock after selling 16,468 shares during the quarter. PNC Financial Services Group Inc. owned 1.54% of PGT Innovations worth $9,764,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PGTI. ACK Asset Management LLC bought a new stake in shares of PGT Innovations in the 1st quarter valued at about $13,541,000. Systematic Financial Management LP bought a new stake in shares of PGT Innovations in the 1st quarter valued at about $2,240,000. Vanguard Group Inc. increased its stake in shares of PGT Innovations by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 2,503,414 shares of the construction company’s stock valued at $26,912,000 after acquiring an additional 140,242 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of PGT Innovations by 268.3% in the 1st quarter. Alliancebernstein L.P. now owns 191,500 shares of the construction company’s stock valued at $2,059,000 after acquiring an additional 139,500 shares during the last quarter. Finally, Oxford Asset Management increased its stake in shares of PGT Innovations by 583.7% in the 1st quarter. Oxford Asset Management now owns 144,377 shares of the construction company’s stock valued at $1,552,000 after acquiring an additional 123,261 shares during the last quarter. 96.80% of the stock is owned by institutional investors.
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Shares of PGT Innovations Inc (NASDAQ:PGTI) opened at 13.95 on Friday. PGT Innovations Inc has a 1-year low of $9.50 and a 1-year high of $14.88. The company has a market capitalization of $691.95 million, a PE ratio of 24.96 and a beta of 0.93. The company’s 50-day moving average price is $13.35 and its 200-day moving average price is $11.99.
PGT Innovations (NASDAQ:PGTI) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. The business had revenue of $137.38 million during the quarter, compared to the consensus estimate of $127.79 million. PGT Innovations had a return on equity of 28.98% and a net margin of 7.46%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 earnings per share. On average, equities analysts expect that PGT Innovations Inc will post $0.60 earnings per share for the current fiscal year.
In other PGT Innovations news, Director Brett N. Milgrim sold 8,894 shares of PGT Innovations stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $13.10, for a total value of $116,511.40. Following the completion of the sale, the director now directly owns 55,760 shares in the company, valued at $730,456. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard D. Feintuch sold 49,459 shares of PGT Innovations stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $13.19, for a total value of $652,364.21. Following the completion of the sale, the director now owns 81,051 shares of the company’s stock, valued at $1,069,062.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,675 shares of company stock valued at $879,808. 6.50% of the stock is currently owned by corporate insiders.
A number of analysts have recently commented on PGTI shares. BidaskClub raised PGT Innovations from a “sell” rating to a “hold” rating in a research note on Friday, September 8th. TheStreet raised PGT Innovations from a “c+” rating to a “b-” rating in a research note on Thursday, June 22nd. FBR & Co reaffirmed a “buy” rating and issued a $15.00 price target (up from $13.00) on shares of PGT Innovations in a research note on Monday, August 21st. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of PGT Innovations in a research note on Tuesday, September 12th. Finally, Raymond James Financial, Inc. cut PGT Innovations from an “outperform” rating to a “market perform” rating in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $14.00.
PGT Innovations Company Profile
PGT Innovations, Inc, formerly PGT, Inc, is a manufacturer of impact-resistant windows and doors. The Company’s brands include CGI, PGT Windows + Doors and WinDoor. CGI serves residential and commercial markets in both new and existing construction. CGI manufacturing and delivery facilities are based in Miami, Florida.
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