New York Life Investment Management LLC, a prominent institutional investor, recently disclosed in its 13F filing with the Securities and Exchange Commission (SEC) that it has decreased its stake in PGT Innovations, Inc. (NYSE:PGTI) by 34.8%. This move came during the first quarter and saw the investor unload 10,963 shares of the construction company’s stock, leaving them with a total of 20,585 shares. At the end of the quarter, New York Life Investment Management LLC’s holdings in PGT Innovations were valued at approximately $517,000.
This reduction in position raises some questions about the future prospects of PGT Innovations. Investors and analysts alike express concern when institutional investors decrease their holdings in a particular company. It can indicate a lack of confidence or lower expectations for future performance. However, it is essential to note that New York Life Investment Management LLC still maintains a significant stake in PGT Innovations despite this reduction.
To gain further insight into what lies ahead for PGT Innovations, it is crucial to consider the company’s recent earnings report released on August 3rd. In this report, PGT Innovations announced earnings per share (EPS) of $0.58 for the quarter, which met analysts’ consensus estimates precisely. The company also revealed a net margin of 7.15% and an impressive return on equity of 18.47%. However, there was a slight disappointment regarding revenue figures as PGT Innovations recorded $384.90 million during the quarter compared to analysts’ expectations of $390.95 million.
When comparing these figures to the same quarter from the previous year, it becomes evident that there has been a decline in both earnings per share and revenue for PGT Innovations. In Q2 last year, the company reported EPS of $0.67 and generated higher revenue than this year’s figure.
Despite this decline, it is worth highlighting that the decrease in revenue was by a modest 5.3% on a year-over-year basis. Considering the challenges faced by various industries due to the global economic downturn caused by the COVID-19 pandemic, PGT Innovations has managed to maintain a stable financial position. This resilience could be attributed to the sound management and business strategies employed by the company.
Looking ahead, analysts expect PGT Innovations to post earnings per share of 2.14 for the current fiscal year. This implies a rebound in performance during the latter part of the year and highlights optimism regarding future growth prospects.
In conclusion, New York Life Investment Management LLC’s decision to reduce its stake in PGT Innovations has raised eyebrows among investors. However, when reviewing the company’s recent earnings report, it becomes evident that despite a slight decline in revenue and earnings per share compared to last year, PGT Innovations remains resilient amidst challenging market conditions. As always, investors should exercise caution and conduct further research before making any investment decisions related to PGT Innovations or any other company in this sector.
[bs_slider_forecast ticker=”PGTI”]
Analyzing Recent Hedge Fund Activity in PGT Innovations: Potential Growth Opportunities and Insider Transactions
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PGTI” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]August 14, 2023
Analyzing Recent Changes in Hedge Funds’ Positions in PGT Innovations
In the world of finance and investments, it is crucial to stay updated on the latest movements and changes made by hedge funds. These financial powerhouses have a significant influence on the market, and their actions often reflect important trends and potential opportunities for investors.
Recently, several hedge funds have made notable changes to their positions in PGT Innovations (PGTI), an industry-leading construction company. One such fund is Schulhoff & Co. Inc., which acquired a new stake in PGTI during the first quarter of this year. The value of this stake is estimated to be around $226,000.
Another prominent hedge fund, Royce & Associates LP, also increased its holdings in PGT Innovations by 0.3% during the same period. Their ownership now amounts to approximately 301,113 shares of PGTI stock, valued at $7.56 million.
Pacer Advisors Inc., yet another significant player in the investment landscape, raised its holdings in PGT Innovations by 0.5% during the first quarter. This move resulted in them owning a total of 628,199 shares of PGTI stock, with an estimated worth of $15.77 million.
Similarly, Texas Permanent School Fund Corp witnessed a substantial increase of 33.4% in its holdings of PGT Innovations during the first quarter. They now own roughly 53,806 shares of PGTI stock valued at $1.35 million.
Lastly, Simplicity Solutions LLC entered into the picture by acquiring a new stake in PGT Innovations during the first quarter for approximately $203,000.
It is noteworthy that these hedge funds and institutional investors currently own about 87.08% of PGT Innovations’ outstanding stock. These stakes indicate their confidence in the long-term prospects of the company and its potential to yield substantial returns.
PGT Innovations, traded under the ticker symbol PGTI, started trading at $27.77 on Friday. With a market capitalization of $1.62 billion, the company holds considerable weight in the industry. In terms of valuation, PGTI has a price-to-earnings ratio (PE ratio) of 15.87 and a price-to-earnings-growth (PEG) ratio of 0.98. Its beta, which measures stock volatility relative to the market, stands at 1.45.
Looking at its financial health and liquidity position, PGT Innovations maintains a debt-to-equity ratio of 1.03, indicating an acceptable level of leverage for investors. The company’s quick ratio is 1.91, suggesting ample short-term assets to cover its current liabilities.
Over the past year, PGT Innovations reached a fifty-two week low of $17.43 and hit a high of $29.64a significant range that demonstrates the stock’s historical volatility. As of today’s date, the stock’s fifty-day simple moving average stands at $28.05, while its two-hundred day simple moving average hovers around $25.17.
In other significant news surrounding PGT Innovations, Director Rodney Hershberger recently sold 2,500 shares of company stock in a transaction that occurred on July 3rd. The average selling price was $29.29 per share, resulting in a total value of $73,225 for the transaction. Following this sale, Hershberger still retains ownership of an impressive 1,346,655 shares valued at approximately $39 million.
It is essential to note that any transactions conducted by insiders are legally required to be disclosed to the Securities & Exchange Commission (SEC). Investors can access this information through official filings available via hyperlinks provided on the SEC’s website. Additional information reveals that insiders, collectively, have sold a total of 7,500 shares worth $206,775 over the course of the last quarter. Company insiders currently hold a 4.90% stake in PGT Innovations.
Market analysts have also chimed in on PGTI shares. Truist Financial recently increased its price target for the stock from $29.00 to $32.00 in a research note published on June 5th. Jefferies Financial Group is another advocate for PGT Innovations, raising their price target from $33.00 to $37.00 and giving the stock a “buy” rating in their research note on July 13th.
In summary, hedge funds and institutional investors are making notable changes to their positions in PGT Innovations, indicating potential growth and profitability associated with the company’s stock. With recent insider transactions and positive analyses from market experts, PGTI presents itself as an attractive investment opportunity for astute investors seeking long-term gains.
Disclaimer: The information presented here should not be considered financial advice or a recommendation to invest in any particular security or strategy. It is solely for informational purposes and does not constitute an offer to sell or buy any securities mentioned herein. Please consult with
