Apogee Enterprises (NASDAQ:APOG) Releases Earnings Results, Beats Expectations By $0.23 EPS

Apogee Enterprises (NASDAQ:APOGGet Rating) issued its earnings results on Tuesday. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.23, Briefing.com reports. The business had revenue of $372.10 million during the quarter, compared to analysts’ expectations of $342.84 million. Apogee Enterprises had a return on equity of 21.94% and a net margin of 3.95%. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 EPS. Apogee Enterprises updated its FY 2023 guidance to $3.75-$4.05 EPS and its FY23 guidance to $3.75-4.05 EPS.

Apogee Enterprises Stock Performance

Shares of APOG opened at $40.57 on Thursday. The business’s 50 day moving average is $41.37 and its two-hundred day moving average is $42.72. Apogee Enterprises has a 52-week low of $35.96 and a 52-week high of $50.44. The firm has a market cap of $899.03 million, a price-to-earnings ratio of 16.56 and a beta of 1.07. The company has a quick ratio of 1.32, a current ratio of 1.82 and a debt-to-equity ratio of 0.70.

Insider Buying and Selling at Apogee Enterprises

In other Apogee Enterprises news, insider Brent C. Jewell sold 1,313 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $37.88, for a total value of $49,736.44. Following the transaction, the insider now directly owns 23,111 shares of the company’s stock, valued at approximately $875,444.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Brent C. Jewell sold 1,313 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $37.88, for a total value of $49,736.44. Following the completion of the sale, the insider now directly owns 23,111 shares in the company, valued at approximately $875,444.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gary Robert Johnson sold 2,187 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $40.00, for a total value of $87,480.00. Following the completion of the sale, the senior vice president now owns 36,600 shares of the company’s stock, valued at $1,464,000. The disclosure for this sale can be found here. 1.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can grew its stake in Apogee Enterprises by 4.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 22,464 shares of the industrial products company’s stock worth $1,094,000 after buying an additional 948 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Apogee Enterprises by 11.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,436 shares of the industrial products company’s stock worth $1,017,000 after buying an additional 2,288 shares during the last quarter. Bank of Montreal Can grew its stake in Apogee Enterprises by 4.3% during the 1st quarter. Bank of Montreal Can now owns 20,030 shares of the industrial products company’s stock worth $986,000 after buying an additional 833 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Apogee Enterprises by 7.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 21,807 shares of the industrial products company’s stock worth $855,000 after buying an additional 1,565 shares during the last quarter. Finally, Engineers Gate Manager LP grew its stake in Apogee Enterprises by 4.0% during the 1st quarter. Engineers Gate Manager LP now owns 17,912 shares of the industrial products company’s stock worth $850,000 after buying an additional 689 shares during the last quarter. 89.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

APOG has been the topic of several recent research reports. StockNews.com raised Apogee Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 14th. Craig Hallum reduced their price target on Apogee Enterprises from $47.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, June 24th. Finally, TheStreet raised Apogee Enterprises from a “c+” rating to a “b-” rating in a research report on Thursday, June 23rd.

About Apogee Enterprises

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Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. The company operates in 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; curtain wall; storefront; and entrance systems, such as the outside skin and entrances of commercial, institutional, and multi-family residential buildings.

See Also

Earnings History for Apogee Enterprises (NASDAQ:APOG)

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