Apogee Enterprises, Inc. (APOG) Upgraded to Strong-Buy by Zacks Investment Research
Apogee Enterprises, Inc. (NASDAQ:APOG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $65.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 17.05% from the company’s current price.
According to Zacks, “Apogee expects mid-single digit U.S. commercial construction market growth in fiscal year 2018, as recent indicators show positive momentum. Based on the visibility of project schedules, for fiscal 2018, Apogee projects earnings per share to lie between $3.35 and $3.55 while revenues are expected to grow 10%. Architectural services’ revenues are anticipated to be impacted in fiscal 2018 due to the timing of projects. The stock has outperperformed the Zacks categorized industry, in the past one year The Sotawall acquisition is a strategic fit for Apogee as it supports its strategy to grow its business through geographic expansion and new products. Also, Apogee's acquisition of window company, EFCO Corporation will accelerate its growth strategies, expand its presence in mid-size commercial buildings, broaden product offerings and also enhance its geographic presence across the United States.”
Separately, Sidoti started coverage on shares of Apogee Enterprises in a research note on Thursday, May 25th. They issued a “buy” rating and a $70.00 price target for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $61.80.
Apogee Enterprises (NASDAQ:APOG) traded up 1.01% during midday trading on Monday, reaching $56.09. 20,839 shares of the company’s stock traded hands. Apogee Enterprises has a 52-week low of $39.88 and a 52-week high of $61.00. The stock has a market cap of $1.61 billion, a P/E ratio of 18.89 and a beta of 1.60. The company’s 50-day moving average price is $54.56 and its 200-day moving average price is $55.18.
Apogee Enterprises (NASDAQ:APOG) last posted its earnings results on Thursday, April 13th. The industrial products company reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.08. The firm had revenue of $314.13 million during the quarter, compared to analysts’ expectations of $291.18 million. Apogee Enterprises had a net margin of 7.70% and a return on equity of 19.14%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company posted $0.69 EPS. On average, equities analysts predict that Apogee Enterprises will post $3.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Shareholders of record on Friday, May 19th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, May 17th. This represents a $0.56 dividend on an annualized basis and a yield of 1.01%. Apogee Enterprises’s dividend payout ratio is currently 18.92%.
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In other Apogee Enterprises news, CEO Joseph F. Puishys sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $55.97, for a total transaction of $5,597,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have sold 180,000 shares of company stock valued at $10,084,600. 3.10% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Apogee Enterprises by 19,368.0% in the first quarter. BlackRock Inc. now owns 4,227,467 shares of the industrial products company’s stock worth $252,000,000 after buying an additional 4,205,752 shares in the last quarter. Vanguard Group Inc. raised its stake in Apogee Enterprises by 5.6% in the first quarter. Vanguard Group Inc. now owns 2,562,618 shares of the industrial products company’s stock worth $152,757,000 after buying an additional 135,949 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Apogee Enterprises by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,297,609 shares of the industrial products company’s stock worth $77,350,000 after buying an additional 5,046 shares in the last quarter. State Street Corp raised its stake in Apogee Enterprises by 3.5% in the first quarter. State Street Corp now owns 1,099,051 shares of the industrial products company’s stock worth $65,517,000 after buying an additional 37,383 shares in the last quarter. Finally, Emerald Advisers Inc. PA raised its stake in Apogee Enterprises by 1.3% in the first quarter. Emerald Advisers Inc. PA now owns 777,716 shares of the industrial products company’s stock worth $46,360,000 after buying an additional 10,262 shares in the last quarter.
About Apogee Enterprises
Apogee Enterprises, Inc is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems.
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