Apogee Enterprises (NASDAQ:APOG) Posts Earnings Results, Beats Estimates By $0.23 EPS

Apogee Enterprises (NASDAQ:APOGGet Rating) issued its quarterly earnings data on Tuesday. The industrial products company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.23, Briefing.com reports. The business had revenue of $372.10 million for the quarter, compared to analyst estimates of $342.84 million. Apogee Enterprises had a return on equity of 17.91% and a net margin of 1.15%. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $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 Price Performance

Shares of APOG stock opened at $41.42 on Wednesday. The stock has a 50 day moving average of $41.31 and a two-hundred day moving average of $42.74. The company has a current ratio of 1.79, a quick ratio of 1.32 and a debt-to-equity ratio of 0.80. Apogee Enterprises has a 12 month low of $33.88 and a 12 month high of $50.44. The company has a market capitalization of $917.74 million, a P/E ratio of 60.03 and a beta of 1.07.

Apogee Enterprises Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Tuesday, July 12th were given a $0.22 dividend. The ex-dividend date was Monday, July 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.12%. Apogee Enterprises’s dividend payout ratio is currently 127.54%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Craig Hallum decreased their target price on Apogee Enterprises from $47.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, June 24th. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b-” rating in a research note on Thursday, June 23rd. Finally, StockNews.com upgraded Apogee Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 14th.

Insiders Place Their Bets

In related news, insider Brent C. Jewell sold 1,313 shares of the firm’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 transaction of $49,736.44. Following the completion of the transaction, the insider now owns 23,111 shares in the company, valued at approximately $875,444.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Brent C. Jewell sold 1,313 shares of the firm’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $37.88, for a total transaction of $49,736.44. Following the completion of the sale, the insider now directly owns 23,111 shares of the company’s stock, valued at approximately $875,444.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Gary Robert Johnson sold 2,187 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 36,600 shares of the company’s stock, valued at $1,464,000. The disclosure for this sale can be found here. Corporate insiders own 1.82% of the company’s stock.

Institutional Investors Weigh In On Apogee Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of APOG. Stonebridge Capital Advisors LLC acquired a new stake in Apogee Enterprises during the 1st quarter valued at $47,000. Point72 Hong Kong Ltd increased its stake in shares of Apogee Enterprises by 35.1% in the 1st quarter. Point72 Hong Kong Ltd now owns 1,300 shares of the industrial products company’s stock valued at $62,000 after buying an additional 338 shares during the period. Captrust Financial Advisors increased its stake in shares of Apogee Enterprises by 79.2% in the 1st quarter. Captrust Financial Advisors now owns 2,090 shares of the industrial products company’s stock valued at $99,000 after buying an additional 924 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Apogee Enterprises in the 2nd quarter valued at $337,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Apogee Enterprises by 10.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,561 shares of the industrial products company’s stock valued at $375,000 after buying an additional 892 shares during the period. 89.95% of the stock is owned by institutional investors and hedge funds.

Apogee Enterprises Company Profile

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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.

Further Reading

Earnings History for Apogee Enterprises (NASDAQ:APOG)

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