PGT shares fall on possible shareholder sale
VENICE, Fla. (AP) — PGT Inc. shares sank Monday after the window and door maker said that the private equity firm that owns the majority of the company may sell off part of its stake in the company.
JLL Partners Fund IV LP, which the company said holds about 62 percent of its outstanding shares, informed PGT that it may sell some of its shares. PGT said JLL has not said how many shares or when the sale would take place. But the company filed Friday for the potential sale of 35 million shares.
PGT said Monday that it has no plans to sell any of its own stock. The company, based in Venice, Fla., has an estimated 52.5 million shares outstanding.
PGT shares fell $1.13, or 14 percent, to close at $6.97. The stock has traded between $1.70 and $8.22 in the past 52 weeks.