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

Apogee Enterprises, Inc. (NASDAQ:APOGGet Rating) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $39.35, but opened at $41.25. Apogee Enterprises shares last traded at $40.94, with a volume of 1,223 shares.

The industrial products company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.23. Apogee Enterprises had a net margin of 1.15% and a return on equity of 17.91%. The business had revenue of $372.10 million during the quarter, compared to the consensus estimate of $342.84 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 14.2% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on APOG shares. Craig Hallum decreased their price target 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 raised Apogee Enterprises from a “c+” rating to a “b-” rating in a research note on Thursday, June 23rd. Finally, StockNews.com upgraded shares of Apogee Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 14th.

Insider Buying and Selling

In other Apogee Enterprises news, insider Brent C. Jewell sold 1,313 shares of the company’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $37.88, for a total value of $49,736.44. Following the transaction, the insider now owns 23,111 shares of the company’s stock, valued at $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 Apogee Enterprises stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $37.88, for a total value of $49,736.44. Following the transaction, the insider now owns 23,111 shares of the company’s stock, valued at approximately $875,444.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Gary Robert Johnson sold 2,187 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $40.00, for a total transaction 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. 1.82% of the stock is currently owned by insiders.

Institutional Trading of Apogee Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of APOG. Vanguard Group Inc. boosted its stake in shares of Apogee Enterprises by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 2,868,027 shares of the industrial products company’s stock valued at $136,117,000 after buying an additional 182,687 shares during the period. Segall Bryant & Hamill LLC increased its position in Apogee Enterprises by 7.6% in the 4th quarter. Segall Bryant & Hamill LLC now owns 957,661 shares of the industrial products company’s stock worth $46,111,000 after purchasing an additional 67,503 shares during the last quarter. Bank of New York Mellon Corp increased its position in Apogee Enterprises by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 364,212 shares of the industrial products company’s stock worth $17,285,000 after purchasing an additional 1,767 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Apogee Enterprises by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 349,592 shares of the industrial products company’s stock worth $16,592,000 after purchasing an additional 5,114 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Apogee Enterprises by 2.1% during the 1st quarter. ProShare Advisors LLC now owns 231,372 shares of the industrial products company’s stock valued at $10,981,000 after buying an additional 4,755 shares during the last quarter. Institutional investors and hedge funds own 89.95% of the company’s stock.

Apogee Enterprises Trading Down 2.1 %

The company has a 50 day moving average of $41.37 and a 200 day moving average of $42.72. The firm has a market cap of $898.91 million, a P/E ratio of 58.80 and a beta of 1.07. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.32 and a current ratio of 1.79.

About Apogee Enterprises

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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.

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