Apogee Enterprises (NASDAQ:APOG) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Apogee Enterprises (NASDAQ:APOG) released its earnings results on Tuesday. The industrial products company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.24, MarketWatch Earnings reports. The business had revenue of $353.70 million for the quarter, compared to analyst estimates of $371.19 million. Apogee Enterprises had a net margin of 7.26% and a return on equity of 23.39%. Apogee Enterprises’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 earnings per share. Apogee Enterprises updated its FY 2024 guidance to $4.35-$4.65 EPS and its FY24 guidance to $4.35-4.65 EPS.

Apogee Enterprises Price Performance

APOG opened at $49.36 on Wednesday. The firm has a market cap of $1.09 billion, a P/E ratio of 10.48 and a beta of 1.17. The firm has a 50-day moving average of $48.95 and a 200 day moving average of $44.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.34 and a current ratio of 1.69. Apogee Enterprises has a fifty-two week low of $36.62 and a fifty-two week high of $51.69.

Apogee Enterprises Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Wednesday, July 12th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, July 11th. This represents a $0.96 annualized dividend and a yield of 1.94%. Apogee Enterprises’s payout ratio is currently 20.38%.

Insider Activity at Apogee Enterprises

In other Apogee Enterprises news, EVP Curtis John Dobler sold 3,727 shares of the stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $46.95, for a total transaction of $174,982.65. Following the completion of the transaction, the executive vice president now owns 34,314 shares in the company, valued at $1,611,042.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Curtis John Dobler sold 3,727 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $46.95, for a total value of $174,982.65. Following the completion of the transaction, the executive vice president now directly owns 34,314 shares in the company, valued at $1,611,042.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jane Marie Boyce sold 14,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $47.42, for a total transaction of $687,590.00. Following the completion of the transaction, the insider now owns 42,603 shares of the company’s stock, valued at $2,020,234.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,727 shares of company stock worth $934,648. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apogee Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Lazard Asset Management LLC raised its stake in shares of Apogee Enterprises by 8.1% during the second quarter. Lazard Asset Management LLC now owns 2,727 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 204 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Apogee Enterprises by 3.6% during the fourth quarter. Arizona State Retirement System now owns 6,252 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 220 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Apogee Enterprises by 20.4% during the second quarter. PNC Financial Services Group Inc. now owns 1,300 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 220 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Apogee Enterprises by 4.3% in the first quarter. Mercer Global Advisors Inc. ADV now owns 8,204 shares of the industrial products company’s stock worth $355,000 after purchasing an additional 336 shares during the last quarter. Finally, Point72 Hong Kong Ltd grew its holdings in shares of Apogee Enterprises by 35.1% in the first quarter. Point72 Hong Kong Ltd now owns 1,300 shares of the industrial products company’s stock worth $62,000 after purchasing an additional 338 shares during the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. DA Davidson upped their price objective on shares of Apogee Enterprises from $44.00 to $50.00 in a report on Tuesday, June 27th. StockNews.com assumed coverage on shares of Apogee Enterprises in a report on Thursday, August 17th. They set a “buy” rating on the stock.

About Apogee Enterprises

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 installs custom glass and aluminum windows, curtainwalls, storefront, and entrance systems for the exterior of buildings primarily in the commercial, institutional, and multi-family residential construction sectors.