Apogee Enterprises, Inc. (NASDAQ:APOG) Sees Significant Decline in Short Interest

Apogee Enterprises, Inc. (NASDAQ:APOG) was the target of a significant drop in short interest in the month of January. As of January 15th, there was short interest totalling 762,000 shares, a drop of 17.9% from the December 31st total of 927,700 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average daily volume of 186,600 shares, the days-to-cover ratio is presently 4.1 days.

Apogee Enterprises Stock Up 1.5 %

Shares of APOG stock traded up $0.80 during trading hours on Thursday, reaching $53.26. The company had a trading volume of 6,443 shares, compared to its average volume of 334,262. The company has a market capitalization of $1.17 billion, a P/E ratio of 11.93 and a beta of 1.04. Apogee Enterprises has a twelve month low of $49.58 and a twelve month high of $87.93. The stock’s fifty day simple moving average is $69.63 and its 200 day simple moving average is $70.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.27 and a current ratio of 1.63.

Apogee Enterprises (NASDAQ:APOG) last released its earnings results on Tuesday, January 7th. The industrial products company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.08. Apogee Enterprises had a net margin of 7.14% and a return on equity of 23.14%. The firm had revenue of $341.30 million during the quarter, compared to analyst estimates of $332.27 million. During the same quarter in the previous year, the firm earned $1.23 earnings per share. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, sell-side analysts expect that Apogee Enterprises will post 4.97 earnings per share for the current fiscal year.

Apogee Enterprises Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Tuesday, January 28th will be paid a $0.26 dividend. This is a positive change from Apogee Enterprises’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Tuesday, January 28th. Apogee Enterprises’s dividend payout ratio is currently 22.32%.

Analyst Ratings Changes

Several research analysts have commented on the stock. StockNews.com cut shares of Apogee Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 9th. DA Davidson reduced their price target on Apogee Enterprises from $75.00 to $62.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Sidoti upgraded shares of Apogee Enterprises from a “neutral” rating to a “buy” rating in a report on Friday, January 10th. Finally, Singular Research raised Apogee Enterprises to a “moderate buy” rating in a report on Tuesday, January 14th.

Institutional Investors Weigh In On Apogee Enterprises

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. acquired a new position in shares of Apogee Enterprises in the 2nd quarter worth approximately $1,738,000. Marshall Wace LLP purchased a new position in Apogee Enterprises during the second quarter valued at approximately $217,000. Squarepoint Ops LLC acquired a new position in Apogee Enterprises in the 2nd quarter valued at approximately $308,000. The Manufacturers Life Insurance Company increased its stake in shares of Apogee Enterprises by 4.1% in the second quarter. The Manufacturers Life Insurance Company now owns 11,310 shares of the industrial products company’s stock worth $711,000 after acquiring an additional 442 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in Apogee Enterprises during the second quarter valued at $223,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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).