StockNews.com Upgrades Apogee Enterprises (NASDAQ:APOG) to Strong-Buy

StockNews.com upgraded shares of Apogee Enterprises (NASDAQ:APOG) from a buy rating to a strong-buy rating in a report released on Monday morning.

Separately, DA Davidson increased their target price on shares of Apogee Enterprises from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 8th.

Apogee Enterprises Trading Down 2.6 %

Shares of APOG stock opened at $80.78 on Monday. Apogee Enterprises has a 12-month low of $48.03 and a 12-month high of $87.93. The company has a quick ratio of 1.32, a current ratio of 1.65 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average of $79.90 and a 200-day moving average of $69.53. The firm has a market cap of $1.77 billion, a P/E ratio of 17.01 and a beta of 0.99.

Apogee Enterprises (NASDAQ:APOG) last issued its earnings results on Friday, October 4th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.21. The firm had revenue of $342.40 million for the quarter, compared to analyst estimates of $335.31 million. Apogee Enterprises had a return on equity of 24.12% and a net margin of 7.58%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 earnings per share. Sell-side analysts anticipate that Apogee Enterprises will post 5.06 earnings per share for the current year.

Apogee Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 6th. Shareholders of record on Tuesday, October 22nd were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, October 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.24%. Apogee Enterprises’s dividend payout ratio is currently 21.05%.

Hedge Funds Weigh In On Apogee Enterprises

Several hedge funds have recently made changes to their positions in APOG. Pacer Advisors Inc. lifted its holdings in Apogee Enterprises by 15.5% during the 2nd quarter. Pacer Advisors Inc. now owns 917,000 shares of the industrial products company’s stock worth $57,620,000 after purchasing an additional 122,811 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Apogee Enterprises by 1.4% in the third quarter. Geode Capital Management LLC now owns 530,226 shares of the industrial products company’s stock worth $37,131,000 after buying an additional 7,382 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Apogee Enterprises by 23.2% in the second quarter. American Century Companies Inc. now owns 528,769 shares of the industrial products company’s stock valued at $33,225,000 after acquiring an additional 99,495 shares during the period. Bank of New York Mellon Corp grew its stake in Apogee Enterprises by 1.3% during the second quarter. Bank of New York Mellon Corp now owns 303,220 shares of the industrial products company’s stock valued at $19,053,000 after acquiring an additional 3,881 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Apogee Enterprises by 70.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 162,379 shares of the industrial products company’s stock worth $11,369,000 after acquiring an additional 67,295 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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).