On September 19, 2023, financial firm Harbor Capital Advisors Inc. announced that they had acquired a new position in PGT Innovations, Inc. (NYSE:PGTI) during the second quarter. According to the Securities and Exchange Commission (SEC) disclosure, Harbor Capital Advisors Inc. purchased 35,138 shares of PGT Innovations’ stock at a value of approximately $1,024,000. This accounted for about 0.06% ownership of PGT Innovations at the end of the reporting period.
PGT Innovations recently released its quarterly earnings results on August 3rd, providing insights into the company’s financial performance. The construction company reported earnings per share (EPS) of $0.58 for the quarter, which matched analysts’ consensus estimates of $0.58. PGT Innovations achieved a return on equity (ROE) of 18.47% and a net margin of 7.15%. However, their revenue for the quarter was $384.90 million, falling short of analysts’ expectations set at $390.95 million. Comparatively, in the same period last year, PGT Innovations recorded EPS of $0.67 with revenue declining by 5.3%.
Various equities research analysts have provided reports on PGT Innovations and its stock performance in light of these results. StockNews.com downgraded their rating for PGT Innovations from “buy” to “hold” on September 5th through a research note analysis. On July 13th, Jefferies Financial Group increased their price objective for PGT Innovations from $33.00 to $37.00 while maintaining a “buy” rating in another research note evaluation. Truist Financial also raised their price objective for PGT Innovations from $29.00 to $32.00 on June 5th.
Analysts foresee that based on their research and predictions, PGT Innovations, Inc. will post an EPS of 2.13 for the current fiscal year.
These recent developments and assessments by financial firms and analysts are pertinent to investors and stakeholders alike as they provide insight into the company’s financial performance, potential growth prospects, and market sentiments. It’s crucial for individuals in the financial realm to stay updated with such information to make informed decisions regarding their investments in PGT Innovations.
nVent Electric plc
NVT
Strong Buy
Updated on: 19/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Hedge Funds Increase Stake in PGT Innovations, Sparking Interest and Speculation
In the ever-changing landscape of the financial world, it is not uncommon for hedge funds to make strategic moves in buying and selling shares of various companies. PGT Innovations, a construction company, has recently caught the attention of several hedge funds, leading to significant shifts in their ownership stakes.
One such hedge fund that has raised its position in PGT Innovations is Congress Asset Management Co. MA, which increased its holdings by 16.2% during the first quarter of this year. The firm now owns a staggering 788,040 shares of PGT Innovations’ stock, valued at approximately $19,788,000. This increase was made possible by acquiring an additional 109,736 shares during the last quarter alone.
Another hedge fund that saw growth in its stake is Congress Wealth Management LLC DE. Their holdings of PGT Innovations increased by 19.4% during the first quarter, bringing their total number of shares to 199,103. With a value of around $4,999,000, these additional 32,367 shares further solidify Congress Wealth Management’s investment portfolio.
Arizona State Retirement System also joined the ranks of increasing their stake in PGT Innovations during the first quarter. They added an extra 469 shares to their existing inventory of 17,384 shares. As a result, their total holding is now valued at approximately $437,000.
The Manufacturers Life Insurance Company also demonstrated confidence in PGT Innovations’ prospects by increasing its stake by 6.1% during the fourth quarter of last year. The firm now holds an impressive 1,263,128 shares with a market value of $22,686,000.
Furthermore,” Cibc World Markets Corp” expressed interest in acquiring PGT Innovations’ stock during the first quarter with a new stake valued at $6 million.
When taking into account various hedge funds and other institutional investors as a whole, they collectively own a significant portion, specifically 82.66%, of PGT Innovations’ stock.
In other recent news pertaining to PGT Innovations, Director Christopher J. Stephens made a notable purchase of 3,000 shares on September 6th. With an average cost of $26.33 per share, the total value of this acquisition amounts to $78,990. This brings his personal holdings in the company to 6,434 shares with an estimated value of $169,407.22.
On the flip side, Director Rodney Hershberger sold 2,500 shares on July 3rd at an average price of $29.29 per share for a total transaction value of $73,225. As a result of this sale, Hershberger now directly owns 1,346,655 shares valued at approximately $39,443,524.95.
Recent disclosures reveal that corporate insiders have sold a total of 7,500 shares within the last three months at a combined value of $215,900. This represents approximately 4.90% ownership by insiders.
Turning our attention to PGT Innovations’ stock performance on the New York Stock Exchange (NYSE), it opened at $26.59 on September 19th and has been exhibiting fluctuations over time based on its moving averages. The stock’s 50-day moving average stands at $27.61 while its 200-day moving average is slightly lower at $26.23.
With regards to financial stability ratios and indicators, PGT Innovations exhibits a current ratio of 2.72 and a quick ratio of 1.91—both indicative factors suggesting the company’s ability to meet short-term obligations efficiently. The company also holds a debt-to-equity ratio of 1.03.
Over the past twelve months period up until September 19th this year,P G T Innovations saw its lowest value at $17.43, and hit the highest point of $29.64. Furthermore, it currently holds a market cap of approximately $1.55 billion.
Analyzing the company’s financials further, PGT Innovations has a trailing price-to-earnings (P/E) ratio of 15.19, signaling how much investors are willing to pay for each dollar of earnings generated by the company. Additionally, its price-to-earnings-to-growth (P/E/G) ratio is computed as 0.95—a figure that takes into consideration not only earnings but also projected growth rates.
This development piques curiosity and leaves analysts pondering about the future prospects of PGT Innovations within the construction industry. As more hedge funds and institutional investors continue to make strategic moves in buying and selling shares of this company, it will be interesting to observe its trajectory in the market moving forward.Paragraph
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