Apogee Enterprises (APOG) Trading Up 12.7% After Strong Earnings

Apogee Enterprises Inc (NASDAQ:APOG) shares were up 12.7% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $48.88 and last traded at $48.67. Approximately 886,433 shares traded hands during trading, an increase of 214% from the average daily volume of 282,145 shares. The stock had previously closed at $43.20.

The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.09. Apogee Enterprises had a net margin of 5.99% and a return on equity of 17.77%. The business had revenue of $336.50 million for the quarter, compared to analysts’ expectations of $304.46 million. During the same period last year, the company earned $0.56 earnings per share. The company’s quarterly revenue was up 23.6% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 2nd. Investors of record on Wednesday, July 18th will be given a $0.1575 dividend. This represents a $0.63 annualized dividend and a dividend yield of 1.29%. Apogee Enterprises’s dividend payout ratio is presently 20.32%.

Several equities research analysts recently issued reports on APOG shares. BidaskClub raised shares of Apogee Enterprises from a “hold” rating to a “buy” rating in a research report on Friday, March 9th. Craig Hallum decreased their target price on shares of Apogee Enterprises from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 13th. TheStreet cut shares of Apogee Enterprises from a “b-” rating to a “c+” rating in a research report on Friday, April 27th. DA Davidson decreased their target price on shares of Apogee Enterprises from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, April 13th. Finally, Goldman Sachs Group cut shares of Apogee Enterprises from a “neutral” rating to a “sell” rating in a research report on Wednesday, April 4th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $51.00.

In other Apogee Enterprises news, CEO Joseph F. Puishys purchased 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 2nd. The shares were purchased at an average price of $42.20 per share, for a total transaction of $126,600.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert J. Marzec sold 6,297 shares of the firm’s stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $41.72, for a total transaction of $262,710.84. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its holdings in Apogee Enterprises by 1.9% in the first quarter. Rhumbline Advisers now owns 68,628 shares of the industrial products company’s stock valued at $2,975,000 after buying an additional 1,247 shares during the period. Aperio Group LLC raised its holdings in Apogee Enterprises by 9.0% in the first quarter. Aperio Group LLC now owns 15,195 shares of the industrial products company’s stock valued at $659,000 after buying an additional 1,261 shares during the period. Reilly Financial Advisors LLC raised its holdings in Apogee Enterprises by 6.2% in the first quarter. Reilly Financial Advisors LLC now owns 29,135 shares of the industrial products company’s stock valued at $1,263,000 after buying an additional 1,710 shares during the period. FDx Advisors Inc. raised its holdings in Apogee Enterprises by 25.4% in the fourth quarter. FDx Advisors Inc. now owns 12,102 shares of the industrial products company’s stock valued at $553,000 after buying an additional 2,449 shares during the period. Finally, Swiss National Bank raised its holdings in Apogee Enterprises by 5.5% in the fourth quarter. Swiss National Bank now owns 50,200 shares of the industrial products company’s stock valued at $2,296,000 after buying an additional 2,600 shares during the period.

The company has a current ratio of 1.62, a quick ratio of 1.21 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.22 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.26 and a beta of 1.53.

About Apogee Enterprises

Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. It operates through four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront, and entrance systems comprising the outside skin and entrances of commercial, institutional, and multi-family residential buildings.

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