Apogee Enterprises (NASDAQ:APOG) Shares Gap Down on Disappointing Earnings

Apogee Enterprises, Inc. (NASDAQ:APOG) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $45.92, but opened at $41.67. Apogee Enterprises shares last traded at $41.98, with a volume of 62,568 shares trading hands.

The industrial products company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.01). Apogee Enterprises had a net margin of 7.14% and a return on equity of 23.14%. The company had revenue of $345.69 million for the quarter, compared to analyst estimates of $331.82 million.

Apogee Enterprises Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Tuesday, May 13th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.04 annualized dividend and a dividend yield of 2.59%. Apogee Enterprises’s dividend payout ratio is currently 23.21%.

Analyst Upgrades and Downgrades

Several research firms have commented on APOG. DA Davidson decreased their price objective on shares of Apogee Enterprises from $75.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Singular Research upgraded Apogee Enterprises to a “moderate buy” rating in a research note on Tuesday, January 14th. StockNews.com downgraded shares of Apogee Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 9th. Finally, Sidoti upgraded shares of Apogee Enterprises from a “neutral” rating to a “buy” rating in a report on Friday, January 10th.

Institutional Investors Weigh In On Apogee Enterprises

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in shares of Apogee Enterprises by 7.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,155,967 shares of the industrial products company’s stock worth $82,548,000 after purchasing an additional 75,438 shares in the last quarter. American Century Companies Inc. grew its stake in Apogee Enterprises by 12.9% in the 4th quarter. American Century Companies Inc. now owns 692,139 shares of the industrial products company’s stock valued at $49,426,000 after buying an additional 79,009 shares in the last quarter. Northern Trust Corp lifted its position in shares of Apogee Enterprises by 19.9% during the fourth quarter. Northern Trust Corp now owns 277,942 shares of the industrial products company’s stock worth $19,848,000 after acquiring an additional 46,220 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Apogee Enterprises by 87.9% during the fourth quarter. JPMorgan Chase & Co. now owns 186,744 shares of the industrial products company’s stock worth $13,335,000 after acquiring an additional 87,356 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Apogee Enterprises by 196.2% in the fourth quarter. Renaissance Technologies LLC now owns 122,883 shares of the industrial products company’s stock worth $8,775,000 after acquiring an additional 81,400 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Apogee Enterprises Stock Performance

The company has a 50-day moving average price of $46.75 and a two-hundred day moving average price of $62.15. The company has a market capitalization of $879.88 million, a PE ratio of 8.95 and a beta of 0.85. The company has a quick ratio of 1.27, a current ratio of 1.63 and a debt-to-equity ratio of 0.52.

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).