Apogee Enterprises (NASDAQ:APOG) Shares Gap Up Following Better-Than-Expected Earnings

Apogee Enterprises, Inc. (NASDAQ:APOG)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 trading hands.

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

Apogee Enterprises Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Wednesday, July 10th will be given a $0.25 dividend. 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 payout ratio is currently 22.17%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, Director Lloyd Emerson Johnson sold 24,000 shares of Apogee Enterprises stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 approximately $16,413.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Lloyd Emerson Johnson sold 24,000 shares of Apogee Enterprises stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 approximately $16,413.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ty R. Silberhorn sold 10,679 shares of Apogee Enterprises stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $63.10, for a total transaction of $673,844.90. Following the completion of the sale, the chief executive officer now owns 110,806 shares of the company’s stock, valued at $6,991,858.60. 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. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Apogee Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of APOG. Deutsche Bank AG lifted its stake in Apogee Enterprises by 13.5% during the 3rd quarter. Deutsche Bank AG now owns 11,059 shares of the industrial products company’s stock valued at $521,000 after acquiring an additional 1,314 shares during the period. FMR LLC lifted its stake in Apogee Enterprises by 1.3% during the 3rd quarter. FMR LLC now owns 151,047 shares of the industrial products company’s stock valued at $7,111,000 after acquiring an additional 1,951 shares during the period. Invesco Ltd. lifted its stake in Apogee Enterprises by 32.3% during the 3rd quarter. Invesco Ltd. now owns 294,513 shares of the industrial products company’s stock valued at $13,866,000 after acquiring an additional 71,915 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Apogee Enterprises by 297.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,934 shares of the industrial products company’s stock valued at $1,598,000 after acquiring an additional 25,396 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in Apogee Enterprises by 8.7% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 13,888 shares of the industrial products company’s stock valued at $654,000 after acquiring an additional 1,116 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Apogee Enterprises Stock Performance

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

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).