$136.75 Million in Sales Expected for PGT Innovations Inc (PGTI) This Quarter
Wall Street brokerages forecast that PGT Innovations Inc (NASDAQ:PGTI) will post $136.75 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for PGT Innovations’ earnings, with estimates ranging from $134.80 million to $140.19 million. PGT Innovations reported sales of $129.81 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.3%. The company is expected to issue its next earnings report on Thursday, November 2nd.
On average, analysts expect that PGT Innovations will report full-year sales of $136.75 million for the current financial year, with estimates ranging from $498.54 million to $505.00 million. For the next year, analysts expect that the firm will report sales of $535.84 million per share, with estimates ranging from $527.60 million to $545.00 million. Zacks’ sales averages are an average based on a survey of research firms that follow PGT Innovations.
PGT Innovations (NASDAQ:PGTI) last released its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. PGT Innovations had a return on equity of 28.98% and a net margin of 7.46%. The company had revenue of $137.38 million during the quarter, compared to analysts’ expectations of $127.79 million. During the same period last year, the business posted $0.15 earnings per share. The firm’s revenue was up 15.4% compared to the same quarter last year.
Several research firms recently weighed in on PGTI. BidaskClub upgraded shares of PGT Innovations from a “sell” rating to a “hold” rating in a report on Friday, September 8th. TheStreet upgraded shares of PGT Innovations from a “c+” rating to a “b-” rating in a report on Thursday, June 22nd. FBR & Co reiterated a “buy” rating and issued a $15.00 price target (up previously from $13.00) on shares of PGT Innovations in a report on Monday, August 21st. SunTrust Banks, Inc. reiterated a “buy” rating on shares of PGT Innovations in a report on Tuesday, September 12th. Finally, Raymond James Financial, Inc. cut shares of PGT Innovations from an “outperform” rating to a “market perform” rating in a report on Friday, August 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $14.00.
In related news, Director Brett N. Milgrim sold 8,894 shares of PGT Innovations stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $13.10, for a total value of $116,511.40. Following the sale, the director now owns 55,760 shares in the company, valued at $730,456. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard D. Feintuch sold 49,459 shares of PGT Innovations stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $13.19, for a total transaction of $652,364.21. Following the completion of the sale, the director now owns 81,051 shares in the company, valued at approximately $1,069,062.69. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,675 shares of company stock worth $879,808. 6.50% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in PGTI. ACK Asset Management LLC purchased a new position in PGT Innovations during the first quarter valued at $13,541,000. Lazard Asset Management LLC lifted its position in PGT Innovations by 12.2% during the second quarter. Lazard Asset Management LLC now owns 2,989,820 shares of the construction company’s stock valued at $38,269,000 after buying an additional 325,137 shares during the period. Systematic Financial Management LP purchased a new position in PGT Innovations during the first quarter valued at $2,240,000. Capital Research Global Investors purchased a new position in PGT Innovations during the second quarter valued at $2,041,000. Finally, Vanguard Group Inc. lifted its position in PGT Innovations by 5.9% during the first quarter. Vanguard Group Inc. now owns 2,503,414 shares of the construction company’s stock valued at $26,912,000 after buying an additional 140,242 shares during the period. Institutional investors and hedge funds own 96.80% of the company’s stock.
PGT Innovations (NASDAQ PGTI) traded down 2.12% during midday trading on Tuesday, reaching $13.85. The company’s stock had a trading volume of 105,492 shares. PGT Innovations has a 1-year low of $9.50 and a 1-year high of $14.88. The stock’s 50-day moving average price is $13.33 and its 200 day moving average price is $11.97. The firm has a market capitalization of $686.99 million, a PE ratio of 24.78 and a beta of 0.93.
About PGT Innovations
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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