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

Apogee Enterprises, Inc. (NASDAQ:APOG) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $59.25, but opened at $63.72. Apogee Enterprises shares last traded at $65.20, with a volume of 60,861 shares traded.

The industrial products company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.28. The company had revenue of $331.50 million during the quarter, compared to analyst estimates of $333.22 million. Apogee Enterprises had a return on equity of 23.84% and a net margin of 7.03%. The firm’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share.

Apogee Enterprises Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, July 10th. Apogee Enterprises’s dividend payout ratio is currently 22.17%.

Wall Street Analyst Weigh In

Separately, DA Davidson raised their price objective on Apogee Enterprises from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday.

Insider Buying and Selling at Apogee Enterprises

In other Apogee Enterprises news, CEO Ty R. Silberhorn sold 10,679 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $63.10, for a total transaction of $673,844.90. Following the completion of the transaction, the chief executive officer now owns 110,806 shares of the company’s stock, valued at $6,991,858.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Herbert K. Parker sold 15,728 shares of Apogee Enterprises stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $60.35, for a total value of $949,184.80. Following the completion of the transaction, the director now owns 8,636 shares of the company’s stock, valued at approximately $521,182.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ty R. Silberhorn sold 10,679 shares of Apogee Enterprises stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $63.10, for a total value of $673,844.90. Following the completion of the transaction, the chief executive officer now directly owns 110,806 shares of the company’s stock, valued at approximately $6,991,858.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,252 shares of company stock valued at $4,786,214. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Apogee Enterprises

Large investors have recently modified their holdings of the stock. EMC Capital Management increased its holdings in Apogee Enterprises by 8.3% in the 1st quarter. EMC Capital Management now owns 5,817 shares of the industrial products company’s stock worth $344,000 after buying an additional 447 shares in the last quarter. Comerica Bank increased its holdings in Apogee Enterprises by 28.9% in the 1st quarter. Comerica Bank now owns 13,062 shares of the industrial products company’s stock worth $773,000 after buying an additional 2,925 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Apogee Enterprises by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,772 shares of the industrial products company’s stock worth $1,349,000 after buying an additional 428 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Apogee Enterprises by 31.4% in the 1st quarter. EntryPoint Capital LLC now owns 929 shares of the industrial products company’s stock worth $55,000 after buying an additional 222 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Apogee Enterprises by 7.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 19,964 shares of the industrial products company’s stock worth $1,179,000 after buying an additional 1,459 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Apogee Enterprises Price Performance

The firm has a fifty day moving average of $63.45 and a 200 day moving average of $58.11. The company has a market capitalization of $1.39 billion, a P/E ratio of 13.93 and a beta of 1.05. The company has a current ratio of 1.47, a quick ratio of 1.18 and a debt-to-equity ratio of 0.13.

About Apogee Enterprises

Apogee Enterprises, Inc provides architectural products and services for enclosing buildings, and glass and acrylic products used for preservation, protection, and enhanced viewing in the United States, Canada, and Brazil. The company operates in four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical (LSO).