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PGT Innovations, Inc. has canceled its deal with Masonite International Corporation (DOOR - Free Report) , offered on Dec 18, 2023. Per the said deal, Masonite was supposed to acquire PGTI for a mix of cash and Masonite shares with a total value of $3.0 billion.
Under the canceled agreement, Masonite would have paid the shareholders of PGT Innovations $41.00 for each PGT Innovations share they own, comprising $33.50 in cash and $7.50 in common shares of Masonite.
Ditching DOOR’s offer, PGTI took up the recent acquisition proposal from MITER Brands to acquire each of its outstanding shares for $42.00 per share in cash, with a total value of approximately $3.1 billion. The purchase price, under this definitive merger agreement, showcases a premium of 60% over PGTI’s unaffected closing share price, per the last day (Oct 9, 2023) before the public disclosure of this proposal.
On Jan 8, 2024, MITER had proposed to acquire the outstanding shares of PGTI for $41.50 per share in cash. The proposal was not considered a “superior proposal” by PGTI compared with the then proposal from DOOR and was held up for further negotiations, which led to the current proposal.
In accordance with the terminated merger agreement with DOOR, PGTI will be paying a termination fee of $84 million.
Price Performance
Shares of PGT Innovations have surged 112.4% in the past year, outperforming the Zacks Building Products - Miscellaneous industry’s 43.9% growth.
Image Source: Zacks Investment Research
This manufacturer of premium windows and doors currently carries a Zacks Rank #3 (Hold). This stock’s 2024 earnings remained unchanged at $2.44 per share over the past 60 days, while showcasing a year-over-year growth rate of 13.3%. Furthermore, the earnings estimates for the fourth quarter of 2023 showcase 33.3% growth rate from the year-ago comparable period.
The company’s earnings topped the Zacks Consensus Estimate in three of the trailing four quarters and missed on one occasion, the average surprise being 8.4%. The stock carries an impressive VGM Score of A, backed by a Growth Score of A and a Value Score of B.
About Masonite
Masonite is a designer and manufacturer of interior and exterior doors, reaching out to its target customers including remodeling contractors, builders, homeowners, retail dealers, lumberyards, commercial and general contractors and architects through wholesale and retail distribution channels.
The company currently carries a Zacks Rank #4 (Sell). DOOR delivered a trailing four-quarter earnings surprise of 4.2%, on average. The Zacks Consensus Estimate for DOOR’s 2024 sales and earnings per share indicates growth of 5% and 20.9%, respectively, from the previous year’s reported levels.
Key Picks
Here are some better-ranked stocks from the Construction sector.
MLM delivered a trailing four-quarter earnings surprise of 37.3%, on average. The stock has gained 43.8% in the past year. The Zacks Consensus Estimate for MLM’s 2024 sales and earnings per share (EPS) indicates growth of 9.2% and 13.1%, respectively, from a year ago.
Armstrong World Industries, Inc. (AWI - Free Report) presently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 7.9%, on average. Shares of AWI have increased 34.1% in the past year.
The Zacks Consensus Estimate for AWI’s 2024 sales and EPS indicates a rise of 1.3% and 6.8%, respectively, from the prior-year levels.
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PGT Innovations (PGTI) Rejects Masonite, Okays MITER Brands Deal
PGT Innovations, Inc. has canceled its deal with Masonite International Corporation (DOOR - Free Report) , offered on Dec 18, 2023. Per the said deal, Masonite was supposed to acquire PGTI for a mix of cash and Masonite shares with a total value of $3.0 billion.
Under the canceled agreement, Masonite would have paid the shareholders of PGT Innovations $41.00 for each PGT Innovations share they own, comprising $33.50 in cash and $7.50 in common shares of Masonite.
Ditching DOOR’s offer, PGTI took up the recent acquisition proposal from MITER Brands to acquire each of its outstanding shares for $42.00 per share in cash, with a total value of approximately $3.1 billion. The purchase price, under this definitive merger agreement, showcases a premium of 60% over PGTI’s unaffected closing share price, per the last day (Oct 9, 2023) before the public disclosure of this proposal.
On Jan 8, 2024, MITER had proposed to acquire the outstanding shares of PGTI for $41.50 per share in cash. The proposal was not considered a “superior proposal” by PGTI compared with the then proposal from DOOR and was held up for further negotiations, which led to the current proposal.
In accordance with the terminated merger agreement with DOOR, PGTI will be paying a termination fee of $84 million.
Price Performance
Shares of PGT Innovations have surged 112.4% in the past year, outperforming the Zacks Building Products - Miscellaneous industry’s 43.9% growth.
Image Source: Zacks Investment Research
This manufacturer of premium windows and doors currently carries a Zacks Rank #3 (Hold). This stock’s 2024 earnings remained unchanged at $2.44 per share over the past 60 days, while showcasing a year-over-year growth rate of 13.3%. Furthermore, the earnings estimates for the fourth quarter of 2023 showcase 33.3% growth rate from the year-ago comparable period.
The company’s earnings topped the Zacks Consensus Estimate in three of the trailing four quarters and missed on one occasion, the average surprise being 8.4%. The stock carries an impressive VGM Score of A, backed by a Growth Score of A and a Value Score of B.
About Masonite
Masonite is a designer and manufacturer of interior and exterior doors, reaching out to its target customers including remodeling contractors, builders, homeowners, retail dealers, lumberyards, commercial and general contractors and architects through wholesale and retail distribution channels.
The company currently carries a Zacks Rank #4 (Sell). DOOR delivered a trailing four-quarter earnings surprise of 4.2%, on average. The Zacks Consensus Estimate for DOOR’s 2024 sales and earnings per share indicates growth of 5% and 20.9%, respectively, from the previous year’s reported levels.
Key Picks
Here are some better-ranked stocks from the Construction sector.
Martin Marietta Materials, Inc. (MLM - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MLM delivered a trailing four-quarter earnings surprise of 37.3%, on average. The stock has gained 43.8% in the past year. The Zacks Consensus Estimate for MLM’s 2024 sales and earnings per share (EPS) indicates growth of 9.2% and 13.1%, respectively, from a year ago.
Armstrong World Industries, Inc. (AWI - Free Report) presently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 7.9%, on average. Shares of AWI have increased 34.1% in the past year.
The Zacks Consensus Estimate for AWI’s 2024 sales and EPS indicates a rise of 1.3% and 6.8%, respectively, from the prior-year levels.