Apogee Enterprises, Inc. (NASDAQ:APOG – Get 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.
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
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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