Apogee Enterprises, Inc. (NASDAQ:APOG) Sees Large Decrease in Short Interest

Key Points

• Short interest fell 34.0% in March, declining to 447,502 shares as of March 31 (about 2.1% of the stock) with a short-interest ratio of 0.9 days based on average daily volume.
• Analysts are mixed—two Buy, one Hold and one Sell—giving a consensus rating of "Hold" and a consensus price target of $70.50.
• Apogee raised its quarterly dividend to $0.27 (annualized $1.08), a ~3.0% yield and roughly a 58% payout ratio; the company has a market cap near $779 million and a P/E of about 19.6.

Apogee Enterprises, Inc. (NASDAQ:APOG - Get Free Report) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 447,502 shares, a drop of 34.0% from the March 15th total of 677,720 shares. Approximately 2.1% of the company's stock are sold short. Based on an average daily trading volume, of 499,984 shares, the short-interest ratio is presently 0.9 days.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on APOG. DA Davidson set a $46.00 target price on Apogee Enterprises in a research note on Friday, January 9th. Stephens began coverage on Apogee Enterprises in a research note on Tuesday, December 16th. They set an "overweight" rating and a $95.00 price target for the company. Zacks Research upgraded Apogee Enterprises from a "strong sell" rating to a "hold" rating in a research note on Monday, March 16th. Finally, Weiss Ratings downgraded Apogee Enterprises from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $70.50.

Hedge Funds Weigh In On Apogee Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. Hantz Financial Services Inc. boosted its stake in shares of Apogee Enterprises by 477.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 699 shares of the industrial products company's stock worth $30,000 after buying an additional 578 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Apogee Enterprises in the 2nd quarter worth approximately $38,000. PNC Financial Services Group Inc. boosted its stake in shares of Apogee Enterprises by 46.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,996 shares of the industrial products company's stock worth $87,000 after buying an additional 637 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Apogee Enterprises by 45.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,174 shares of the industrial products company's stock worth $88,000 after buying an additional 684 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Apogee Enterprises by 25.3% in the 3rd quarter. CWM LLC now owns 3,070 shares of the industrial products company's stock worth $134,000 after buying an additional 619 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Apogee Enterprises Price Performance

APOG stock opened at $36.20 on Tuesday. The company has a market capitalization of $778.66 million, a P/E ratio of 19.57 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.45 and a current ratio of 1.90. Apogee Enterprises has a 52-week low of $30.75 and a 52-week high of $49.99. The business has a 50-day simple moving average of $36.75 and a two-hundred day simple moving average of $37.41.

Apogee Enterprises Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Tuesday, February 3rd were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, February 3rd. This is a boost from Apogee Enterprises's previous quarterly dividend of $0.26. Apogee Enterprises's dividend payout ratio (DPR) is presently 58.38%.

Apogee Enterprises Company Profile

Apogee Enterprises, Inc is a diversified manufacturer and distributor of value-added architectural products and services. The company specializes in the design, fabrication and installation of high-performance glass, framing systems, curtain walls, skylights and other building envelope solutions. Its operations span three primary platforms—Architectural Framing Systems, Architectural Glass and Architectural Services—enabling Apogee to deliver complete, integrated façade systems for new construction, renovation and retrofit projects.

Headquartered in Minneapolis, Minnesota, Apogee traces its roots to the mid-20th century and today serves commercial, institutional and residential markets across North America and Europe.

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