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

Apogee Enterprises, Inc. (NASDAQ:APOGGet Rating) gapped up before the market opened on Tuesday following a better than expected earnings announcement. 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 traded.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on APOG. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b-” rating in a research note on Thursday, June 23rd. StockNews.com raised Apogee Enterprises from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 14th. Finally, Craig Hallum cut their target price 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.

Insider Activity

In related news, insider Brent C. Jewell sold 1,313 shares of the company’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $37.88, for a total value of $49,736.44. Following the sale, the insider now owns 23,111 shares of the company’s stock, valued at $875,444.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Apogee Enterprises news, insider Brent C. Jewell sold 1,313 shares of Apogee Enterprises stock in a transaction that occurred 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 sale, the insider now directly owns 23,111 shares of the company’s stock, valued at $875,444.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gary Robert Johnson sold 2,187 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $40.00, for a total value of $87,480.00. Following the completion of the sale, 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in APOG. ExodusPoint Capital Management LP bought a new stake in shares of Apogee Enterprises in the 2nd quarter worth about $2,066,000. Goldman Sachs Group Inc. increased its holdings in shares of Apogee Enterprises by 29.6% during the second quarter. Goldman Sachs Group Inc. now owns 67,165 shares of the industrial products company’s stock worth $2,635,000 after buying an additional 15,334 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Apogee Enterprises by 54.6% in the second quarter. Jane Street Group LLC now owns 44,248 shares of the industrial products company’s stock valued at $1,735,000 after acquiring an additional 15,635 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Apogee Enterprises by 7.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 21,807 shares of the industrial products company’s stock worth $855,000 after acquiring an additional 1,565 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Apogee Enterprises by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 30,788 shares of the industrial products company’s stock worth $1,208,000 after acquiring an additional 8,711 shares during the last quarter. 89.95% of the stock is owned by institutional investors.

Apogee Enterprises Stock Performance

The stock has a 50-day moving average of $41.37 and a 200 day moving average of $42.72. The firm has a market capitalization 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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