Apogee Enterprises (APOG) Upgraded at ValuEngine

ValuEngine upgraded shares of Apogee Enterprises (NASDAQ:APOG) from a strong sell rating to a sell rating in a research report sent to investors on Wednesday.

APOG has been the subject of a number of other reports. Goldman Sachs Group assumed coverage on shares of Apogee Enterprises in a research note on Tuesday, October 2nd. They issued a neutral rating and a $43.00 price target for the company. TheStreet downgraded shares of Apogee Enterprises from a b rating to a c+ rating in a research note on Tuesday, October 2nd. Zacks Investment Research downgraded shares of Apogee Enterprises from a buy rating to a hold rating in a research note on Wednesday, August 29th. BidaskClub downgraded shares of Apogee Enterprises from a buy rating to a hold rating in a research note on Saturday, August 4th. Finally, DA Davidson set a $48.00 price target on shares of Apogee Enterprises and gave the stock a hold rating in a research note on Wednesday, September 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $50.25.

Shares of Apogee Enterprises stock traded down $1.06 during trading on Wednesday, reaching $37.95. 132,891 shares of the stock were exchanged, compared to its average volume of 257,043. The company has a current ratio of 1.73, a quick ratio of 1.33 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.10 billion, a P/E ratio of 12.24, a P/E/G ratio of 1.22 and a beta of 1.52. Apogee Enterprises has a 1 year low of $33.10 and a 1 year high of $51.33.

Apogee Enterprises (NASDAQ:APOG) last posted its earnings results on Tuesday, September 18th. The industrial products company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.09). The firm had revenue of $362.10 million for the quarter, compared to analysts’ expectations of $364.57 million. Apogee Enterprises had a return on equity of 16.96% and a net margin of 5.81%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. Research analysts forecast that Apogee Enterprises will post 3.2 earnings per share for the current fiscal year.

Apogee Enterprises declared that its board has initiated a share buyback program on Wednesday, October 3rd that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 7th. Investors of record on Tuesday, October 23rd were paid a $0.1575 dividend. This represents a $0.63 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Monday, October 22nd. Apogee Enterprises’s payout ratio is currently 20.32%.

In related news, Director Herbert K. Parker purchased 7,000 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average cost of $33.38 per share, with a total value of $233,660.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd bought a new position in shares of Apogee Enterprises during the second quarter valued at approximately $1,537,000. Glenmede Trust Co. NA increased its stake in shares of Apogee Enterprises by 3.0% during the second quarter. Glenmede Trust Co. NA now owns 835,930 shares of the industrial products company’s stock valued at $40,267,000 after purchasing an additional 24,677 shares in the last quarter. Sei Investments Co. increased its stake in shares of Apogee Enterprises by 509.0% during the second quarter. Sei Investments Co. now owns 59,659 shares of the industrial products company’s stock valued at $2,873,000 after purchasing an additional 49,863 shares in the last quarter. Royce & Associates LP increased its stake in shares of Apogee Enterprises by 57.4% during the second quarter. Royce & Associates LP now owns 1,226,629 shares of the industrial products company’s stock valued at $59,087,000 after purchasing an additional 447,453 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Apogee Enterprises by 6.7% during the second quarter. BlackRock Inc. now owns 3,837,104 shares of the industrial products company’s stock valued at $184,833,000 after purchasing an additional 241,165 shares in the last quarter. 99.16% of the stock is owned by institutional investors.

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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