Apogee Enterprises (NASDAQ:APOG) Hits New 1-Year High After Better-Than-Expected Earnings

Apogee Enterprises, Inc. (NASDAQ:APOG)’s stock price reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $83.86 and last traded at $82.50, with a volume of 76951 shares trading hands. The stock had previously closed at $68.43.

The industrial products company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.24. Apogee Enterprises had a return on equity of 24.74% and a net margin of 7.72%. The company had revenue of $342.40 million during the quarter, compared to the consensus estimate of $335.31 million. During the same quarter last year, the business posted $1.36 earnings per share. Apogee Enterprises’s revenue was down 3.2% compared to the same quarter last year.

Apogee Enterprises Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Tuesday, October 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Tuesday, October 22nd. Apogee Enterprises’s dividend payout ratio is currently 20.53%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on APOG. StockNews.com raised shares of Apogee Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 26th. DA Davidson raised their price target on shares of Apogee Enterprises from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, June 28th.

Insiders Place Their Bets

In related news, insider Brent C. Jewell sold 5,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.34, for a total value of $321,700.00. Following the sale, the insider now owns 23,405 shares of the company’s stock, valued at $1,505,877.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APOG. Vanguard Group Inc. boosted its stake in shares of Apogee Enterprises by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 3,097,343 shares of the industrial products company’s stock worth $165,429,000 after acquiring an additional 53,484 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Apogee Enterprises by 15.5% during the second quarter. Pacer Advisors Inc. now owns 917,000 shares of the industrial products company’s stock valued at $57,620,000 after buying an additional 122,811 shares in the last quarter. American Century Companies Inc. grew its stake in Apogee Enterprises by 23.2% during the 2nd quarter. American Century Companies Inc. now owns 528,769 shares of the industrial products company’s stock valued at $33,225,000 after acquiring an additional 99,495 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Apogee Enterprises by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 303,220 shares of the industrial products company’s stock valued at $19,053,000 after buying an additional 3,881 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in shares of Apogee Enterprises by 4.6% in the second quarter. Panagora Asset Management Inc. now owns 136,578 shares of the industrial products company’s stock worth $8,582,000 after acquiring an additional 5,964 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Apogee Enterprises Trading Up 22.7 %

The company has a fifty day moving average of $65.77 and a 200-day moving average of $63.29. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.64 and a quick ratio of 1.29. The firm has a market capitalization of $1.84 billion, a PE ratio of 17.23 and a beta of 0.98.

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).