Apogee Enterprises (NASDAQ:APOG) Shares Gap Up Following Earnings Beat

Apogee Enterprises, Inc. (NASDAQ:APOG) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $59.25, but opened at $63.72. Apogee Enterprises shares last traded at $65.20, with a volume of 60,861 shares.

The industrial products company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.28. The business had revenue of $331.50 million for the quarter, compared to the consensus estimate of $333.22 million. Apogee Enterprises had a return on equity of 23.84% and a net margin of 7.03%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.05 EPS.

Apogee Enterprises Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Wednesday, July 10th 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 1.59%. The ex-dividend date of this dividend is Wednesday, July 10th. Apogee Enterprises’s dividend payout ratio (DPR) is currently 22.17%.

Wall Street Analyst Weigh In

Separately, DA Davidson upped their price objective on Apogee Enterprises from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday.

Insider Buying and Selling

In related news, EVP Curtis John Dobler sold 3,548 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $62.67, for a total transaction of $222,353.16. Following the completion of the sale, the executive vice president now directly owns 30,369 shares in the company, valued at approximately $1,903,225.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Apogee Enterprises news, Director Lloyd Emerson Johnson sold 24,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $63.13, for a total value of $1,515,120.00. Following the completion of the sale, the director now directly owns 260 shares in the company, valued at $16,413.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Curtis John Dobler sold 3,548 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $62.67, for a total value of $222,353.16. Following the completion of the sale, the executive vice president now owns 30,369 shares of the company’s stock, valued at $1,903,225.23. The disclosure for this sale can be found here. Insiders sold 77,252 shares of company stock worth $4,786,214 in the last three months. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Apogee Enterprises

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC purchased a new stake in Apogee Enterprises in the fourth quarter valued at about $992,000. Panagora Asset Management Inc. increased its holdings in shares of Apogee Enterprises by 0.3% in the fourth quarter. Panagora Asset Management Inc. now owns 133,870 shares of the industrial products company’s stock valued at $7,150,000 after purchasing an additional 401 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Apogee Enterprises by 69.8% in the fourth quarter. Pacer Advisors Inc. now owns 537,470 shares of the industrial products company’s stock valued at $28,706,000 after purchasing an additional 220,898 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Apogee Enterprises in the fourth quarter valued at about $22,260,000. Finally, SummerHaven Investment Management LLC increased its holdings in shares of Apogee Enterprises by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 15,235 shares of the industrial products company’s stock valued at $814,000 after purchasing an additional 211 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Apogee Enterprises Stock Down 1.9 %

The business has a fifty day moving average price of $63.45 and a two-hundred day moving average price of $58.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.18. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 13.93 and a beta of 1.05.

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).