Apogee Enterprises (NASDAQ:APOG) Stock Price Down 9.2% Following Analyst Downgrade

Apogee Enterprises, Inc. (NASDAQ:APOG)’s stock price fell 9.2% during mid-day trading on Wednesday after StockNews.com downgraded the stock from a strong-buy rating to a buy rating. The stock traded as low as $52.01 and last traded at $52.30. 128,135 shares traded hands during trading, a decline of 63% from the average session volume of 349,319 shares. The stock had previously closed at $57.60.

Separately, DA Davidson reduced their target price on Apogee Enterprises from $75.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday.

Institutional Investors Weigh In On Apogee Enterprises

Several large investors have recently bought and sold shares of the business. Gladius Capital Management LP bought a new stake in Apogee Enterprises in the third quarter worth $33,000. GAMMA Investing LLC lifted its holdings in shares of Apogee Enterprises by 43.2% in the 3rd quarter. GAMMA Investing LLC now owns 540 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 163 shares during the last quarter. Quarry LP grew its holdings in Apogee Enterprises by 959.4% during the 2nd quarter. Quarry LP now owns 731 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 662 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Apogee Enterprises in the 3rd quarter worth about $58,000. Finally, CWM LLC lifted its stake in Apogee Enterprises by 19.9% in the third quarter. CWM LLC now owns 1,147 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Apogee Enterprises Stock Down 3.4 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.32 and a current ratio of 1.65. The company has a market cap of $1.11 billion, a P/E ratio of 10.68 and a beta of 1.04. The business’s fifty day moving average is $77.45 and its two-hundred day moving average is $70.72.

Apogee Enterprises (NASDAQ:APOG) last announced its quarterly earnings results on Tuesday, January 7th. The industrial products company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.08. The firm had revenue of $341.30 million during the quarter, compared to analysts’ expectations of $332.27 million. Apogee Enterprises had a net margin of 7.58% and a return on equity of 24.12%. The company’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.23 EPS. Equities analysts predict that Apogee Enterprises, Inc. will post 5.06 EPS for the current year.

Apogee Enterprises Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Tuesday, January 28th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.05%. This is an increase from Apogee Enterprises’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, January 28th. Apogee Enterprises’s payout ratio is 21.05%.

About Apogee Enterprises

Apogee Enterprises, Inc provides architectural products and services for enclosing buildings, and glass and acrylic products used for preservation, protection, and enhanced viewing in the United States, Canada, and Brazil. The company operates in four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical (LSO).