Apogee Enterprises (NASDAQ:APOG) Updates FY23 Earnings Guidance

Apogee Enterprises (NASDAQ:APOGGet Rating) issued an update on its FY23 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.75-4.05 for the period, compared to the consensus earnings per share estimate of $3.66. The company issued revenue guidance of +8-10% yr/yr to ~$1.42-1.45 billion, compared to the consensus revenue estimate of $1.38 billion. Apogee Enterprises also updated its FY 2023 guidance to $3.75-$4.05 EPS.

Apogee Enterprises Trading Down 2.4 %

Shares of APOG stock traded down $0.94 on Friday, reaching $39.02. 4,055 shares of the company’s stock were exchanged, compared to its average volume of 116,129. Apogee Enterprises has a 52 week low of $35.96 and a 52 week high of $50.44. The company has a current ratio of 1.82, a quick ratio of 1.32 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $864.68 million, a PE ratio of 16.31 and a beta of 1.07. The company’s fifty day simple moving average is $41.42 and its 200 day simple moving average is $42.69.

Apogee Enterprises (NASDAQ:APOGGet Rating) last issued its quarterly earnings results on Tuesday, September 20th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.23. Apogee Enterprises had a return on equity of 21.94% and a net margin of 3.95%. The firm had revenue of $372.10 million during the quarter, compared to analyst estimates of $342.84 million. During the same period last year, the company earned $0.53 EPS. Apogee Enterprises’s quarterly revenue was up 14.2% compared to the same quarter last year. As a group, analysts forecast that Apogee Enterprises will post 3.82 EPS for the current year.

Wall Street Analyst Weigh In

APOG has been the topic of a number of analyst reports. Craig Hallum cut their price target on Apogee Enterprises from $47.00 to $43.00 and set a hold rating on the stock in a report on Friday, June 24th. TheStreet upgraded Apogee Enterprises from a c+ rating to a b- rating in a report on Thursday, June 23rd. Finally, StockNews.com upgraded Apogee Enterprises from a buy rating to a strong-buy rating in a report on Wednesday, September 14th.

Insider Buying and Selling

In related news, insider Brent C. Jewell sold 1,313 shares of the business’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 transaction, the insider now directly owns 23,111 shares in the company, valued at approximately $875,444.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Brent C. Jewell sold 1,313 shares of the business’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 transaction, the insider now directly owns 23,111 shares in the company, valued at approximately $875,444.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Gary Robert Johnson sold 2,187 shares of the business’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $40.00, for a total value of $87,480.00. Following the transaction, the senior vice president now owns 36,600 shares in the company, valued at $1,464,000. The disclosure for this sale can be found here. 1.82% of the stock is owned by company insiders.

Institutional Trading of Apogee Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd lifted its position in Apogee Enterprises by 35.1% during the 1st quarter. Point72 Hong Kong Ltd now owns 1,300 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 338 shares during the period. Rhumbline Advisers lifted its position in Apogee Enterprises by 0.6% during the 1st quarter. Rhumbline Advisers now owns 70,989 shares of the industrial products company’s stock worth $3,369,000 after acquiring an additional 404 shares during the period. Engineers Gate Manager LP lifted its position in Apogee Enterprises by 4.0% during the 1st quarter. Engineers Gate Manager LP now owns 17,912 shares of the industrial products company’s stock worth $850,000 after acquiring an additional 689 shares during the period. Bank of Montreal Can lifted its position in Apogee Enterprises by 4.3% during the 1st quarter. Bank of Montreal Can now owns 20,030 shares of the industrial products company’s stock worth $986,000 after acquiring an additional 833 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Apogee Enterprises by 10.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 9,561 shares of the industrial products company’s stock worth $375,000 after acquiring an additional 892 shares during the period. Institutional investors and hedge funds own 89.95% of the company’s stock.

About Apogee Enterprises

(Get Rating)

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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Earnings History and Estimates for Apogee Enterprises (NASDAQ:APOG)

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