Apogee Enterprises (APOG) Shares Gap Down Following Weak Earnings

Apogee Enterprises Inc (NASDAQ:APOG) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $56.76, but opened at $50.88. Apogee Enterprises shares last traded at $42.32, with a volume of 2499200 shares changing hands.

The industrial products company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.14). Apogee Enterprises had a net margin of 6.57% and a return on equity of 17.89%. The firm had revenue of $356.50 million during the quarter, compared to the consensus estimate of $373.35 million. During the same quarter last year, the business posted $0.78 earnings per share. Apogee Enterprises’s revenue was up 30.1% compared to the same quarter last year.

APOG has been the subject of a number of analyst reports. DA Davidson set a $52.00 price objective on shares of Apogee Enterprises and gave the company a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research upgraded shares of Apogee Enterprises from a “sell” rating to a “hold” rating in a research report on Tuesday, November 21st. ValuEngine lowered shares of Apogee Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, BidaskClub upgraded shares of Apogee Enterprises from a “sell” rating to a “hold” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.33.

Several hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its position in Apogee Enterprises by 3.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 167,639 shares of the industrial products company’s stock valued at $9,529,000 after purchasing an additional 5,391 shares during the last quarter. Arizona State Retirement System lifted its position in Apogee Enterprises by 0.7% during the second quarter. Arizona State Retirement System now owns 14,987 shares of the industrial products company’s stock valued at $852,000 after purchasing an additional 100 shares during the last quarter. First Trust Advisors LP lifted its position in Apogee Enterprises by 60.0% during the second quarter. First Trust Advisors LP now owns 48,787 shares of the industrial products company’s stock valued at $2,773,000 after purchasing an additional 18,299 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Apogee Enterprises by 6.6% during the second quarter. Advisors Asset Management Inc. now owns 6,103 shares of the industrial products company’s stock valued at $347,000 after purchasing an additional 379 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Apogee Enterprises by 9.2% during the second quarter. Legal & General Group Plc now owns 54,549 shares of the industrial products company’s stock valued at $3,099,000 after purchasing an additional 4,615 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

The company has a market cap of $1,240.00, a PE ratio of 17.25, a PEG ratio of 1.50 and a beta of 1.61. The company has a current ratio of 1.86, a quick ratio of 1.34 and a debt-to-equity ratio of 0.51.

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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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