PGT added to stock index

VENICE — Russell Investments has added impact-resistant window and door manufacturer and supplier PGT Inc. to its Russell 2000 Index.

According to a news release, the Venice-based company was added to the Russell 2000 when Russell Investments reconstituted its indexes June 22.

The Russell 3000 index comprises the 3,000 largest U.S. stocks at the end of May each year, based on total market capitalization. The Russell 1000 is based on the largest 1,000 stocks, and the Russell 2000 is based on the largest 2,000 stocks. The Russell indexes are used by investment managers and institutional investors as benchmarks for about $3.9 trillion in assets worldwide, the release says.

PGT Industries makes products for residential use, including hurricane-proof windows and doors. After experiencing a 55% dip in revenues between 2006 and 2009 with the construction downturn, the company posted a 6% revenue increase in four years in 2010 and announced the hiring of 400 new employees, the Business Review previously reported. The company's stock recently traded for $2.87 per share (NASDAQ: PGTI), and the firm had a market capitalization of $154.03 million, according to Google Finance.

“We are pleased to be added to the Russell 2000, which reflects our continued positive momentum and efforts to increase shareholder value,” Rod Hershberger, president and CEO says in a release. “We expect our inclusion will raise our profile and generate greater interest in our stock at an institutional investor level.”

To read a Business Review interview with Hershberger about his forecast for the company's performance in 2012, click here.