Apogee Enterprises (NASDAQ:APOG) Releases FY24 Earnings Guidance

Apogee Enterprises (NASDAQ:APOG) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.35-4.65 for the period, compared to the consensus estimate of $4.28. The company issued revenue guidance of flat to slightly lower yr/yr, compared to the consensus revenue estimate of $1.44 billion. Apogee Enterprises also updated its FY 2024 guidance to $4.35-$4.65 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on APOG shares. StockNews.com started coverage on shares of Apogee Enterprises in a research note on Thursday, August 17th. They issued a buy rating on the stock. DA Davidson upped their price target on shares of Apogee Enterprises from $44.00 to $50.00 in a research note on Tuesday, June 27th.

Apogee Enterprises Trading Up 2.0 %

NASDAQ:APOG opened at $49.31 on Tuesday. The stock’s 50 day moving average price is $48.93 and its 200 day moving average price is $44.65. Apogee Enterprises has a 52 week low of $36.62 and a 52 week high of $51.69. The company has a market capitalization of $1.09 billion, a P/E ratio of 10.47 and a beta of 1.17. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.34 and a current ratio of 1.69.

Apogee Enterprises (NASDAQ:APOG) last released its quarterly earnings data on Friday, June 23rd. The industrial products company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The firm had revenue of $361.80 million for the quarter, compared to the consensus estimate of $355.60 million. Apogee Enterprises had a return on equity of 23.39% and a net margin of 7.26%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.00 earnings per share. On average, research analysts forecast that Apogee Enterprises will post 4.22 EPS for the current fiscal year.

Apogee Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Wednesday, July 12th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.95%. The ex-dividend date was Tuesday, July 11th. Apogee Enterprises’s payout ratio is 20.38%.

Insiders Place Their Bets

In other Apogee Enterprises news, insider Meghan Marie Elliott sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $48.05, for a total transaction of $72,075.00. Following the transaction, the insider now owns 24,977 shares in the company, valued at $1,200,144.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Apogee Enterprises news, insider Meghan Marie Elliott sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $48.05, for a total transaction of $72,075.00. Following the transaction, the insider now owns 24,977 shares in the company, valued at $1,200,144.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Curtis John Dobler sold 3,727 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $46.95, for a total value of $174,982.65. Following the completion of the sale, the executive vice president now directly owns 34,314 shares in the company, valued at $1,611,042.30. The disclosure for this sale can be found here. Insiders have sold 19,727 shares of company stock valued at $934,648 over the last three months. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Apogee Enterprises

Several institutional investors have recently made changes to their positions in APOG. Boothbay Fund Management LLC bought a new position in Apogee Enterprises during the 1st quarter valued at about $300,000. Squarepoint Ops LLC increased its holdings in shares of Apogee Enterprises by 8.3% during the fourth quarter. Squarepoint Ops LLC now owns 5,972 shares of the industrial products company’s stock worth $266,000 after buying an additional 457 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Apogee Enterprises during the first quarter worth approximately $239,000. Point72 Middle East FZE increased its holdings in shares of Apogee Enterprises by 76.9% during the second quarter. Point72 Middle East FZE now owns 4,403 shares of the industrial products company’s stock worth $209,000 after buying an additional 1,914 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Apogee Enterprises by 8.1% during the second quarter. Lazard Asset Management LLC now owns 2,727 shares of the industrial products company’s stock worth $129,000 after buying an additional 204 shares in the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.

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 installs custom glass and aluminum windows, curtainwalls, storefront, and entrance systems for the exterior of buildings primarily in the commercial, institutional, and multi-family residential construction sectors.