On June 12, 2023, it was reported that Renaissance Technologies LLC has reduced its position in PGT Innovations, Inc. (NYSE:PGTI) by 10%. According to the most recent filing with the Securities & Exchange Commission, the institutional investor now owns 889,897 shares of the construction company’s stock after selling 99,200 shares during the period. Renaissance Technologies LLC previously owned about 1.48% of PGT Innovations worth $15,983,000 as of its most recent SEC filing.
PGT Innovations last released its quarterly earnings results on Thursday, May 11th. The construction company reported an EPS of $0.56 for the quarter, beating estimates by $0.12. With a net margin of 7.38% and a return on equity of 20.09%, PGT Innovations had revenue totaling $376.83 million during the quarter compared to the consensus estimate of $378.85 million.
PGT Innovations engages in the manufacture and supply of windows and doors under various brand names such as PGT Custom Windows + Doors, CGI, WinDoor, Western Window Systems, Eze-Breeze and CGI Commercial. The company operates through Southeast and Western geographical segments and was founded in 1980 by Rodney Hershberger with headquarters situated in Nokomis Florida.
Although adjusted positions like that made by Renaissance Technologies LLC raise eyebrows in some investment circles where leaders look towards market trends ahead others perceive no cause for concern as this practice is very common amongst certain expert investors keen to get ahead of shifts they see on their horizon.
In conclusion, these developments reflect movement within market analytics currently happening at a global level so it will be important to pay attention to continued goings-on within financial ecosystems with noticeable shifts like this among any sort definitely being noteworthy due to their potential underlying importance regardless what decision any individual party ultimately decides upon making for themselves.
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Institutional Investors and Hedge Funds Boost Holdings of PGT Innovations, Inc. Stock in Q2 2023
On June 12, 2023, PGT Innovations, Inc. announced that numerous institutional investors and hedge funds boosted their holdings of the company’s stock in recent quarters. Point72 Hong Kong Ltd saw a significant increase of 171.4% in its holdings while Clearstead Advisors LLC acquired a new position. Spire Wealth Management and UBS Group AG also added positions to their portfolios. Finally, Tower Research Capital LLC TRC rose by 108.8%. Consequently, institutional investors and hedge funds now own approximately 84.29% of PGT Innovations’ stock.
PGTI stock closed at $27.78 on Monday with a trading volume of 137,107 shares as compared to an average volume of 478,598 shares. The firm has a market cap of $1.63 billion and current ratio stands at 2.52 with a quick ratio of 1.80. Its beta is at 1.45 while the price-to-earnings ratio remains at 15.18 despite global economic fluctuations.
As manufacturers and suppliers of windows and doors under several brand names – PGT Custom Windows + Doors, CGI, WinDoor, Western Window Systems, Eze-Breeze, and CGI Commercial – the company provides products for two geographical segments: Southeast (home base) and Western United States.
Co-founder Rodney Hershberger recently sold off his shares worth $63K in April this year though he still owns well over a million shares in the company valued at over $34 million as per disclosed reports submitted to SEC which can be accessed via hyperlink in this article.
Research analysts have been keenly watching PGT Innovations since last year with StockNews.com upgrading its rating from “hold” to “buy” while Truist Financial raised its price target from $29 to $32 per share on June fifth this year.
In conclusion, it would be interesting to see how investments in PGT Innovations play out in the future and how the company navigates through changing market trends and consumer preferences.
