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

Shares of Apogee Enterprises, Inc. (NASDAQ:APOG - Get Free Report) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $39.67, but opened at $48.86. Apogee Enterprises shares last traded at $41.99, with a volume of 429,590 shares trading hands.

The industrial products company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.06. Apogee Enterprises had a return on equity of 21.81% and a net margin of 6.25%. During the same quarter in the prior year, the company earned $1.44 earnings per share. The company's quarterly revenue was up 4.6% on a year-over-year basis.

Apogee Enterprises Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.49%. Apogee Enterprises's dividend payout ratio is currently 26.80%.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Apogee Enterprises from a "buy" rating to a "hold" rating in a report on Friday, April 25th.

Institutional Trading of Apogee Enterprises

A number of hedge funds have recently modified their holdings of APOG. Voya Investment Management LLC grew its holdings in shares of Apogee Enterprises by 29.0% in the 1st quarter. Voya Investment Management LLC now owns 113,571 shares of the industrial products company's stock valued at $5,262,000 after buying an additional 25,514 shares during the period. Strs Ohio acquired a new stake in Apogee Enterprises during the 1st quarter worth $334,000. Intech Investment Management LLC lifted its holdings in Apogee Enterprises by 24.1% during the first quarter. Intech Investment Management LLC now owns 108,605 shares of the industrial products company's stock worth $5,032,000 after acquiring an additional 21,068 shares in the last quarter. Jane Street Group LLC grew its stake in Apogee Enterprises by 120.3% in the first quarter. Jane Street Group LLC now owns 79,281 shares of the industrial products company's stock valued at $3,673,000 after acquiring an additional 43,297 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Apogee Enterprises in the first quarter valued at about $596,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Apogee Enterprises Stock Up 5.5%

The company has a market capitalization of $902.34 million, a P/E ratio of 10.80 and a beta of 0.97. The company has a quick ratio of 1.23, a current ratio of 1.55 and a debt-to-equity ratio of 0.58. The firm has a fifty day simple moving average of $40.04 and a 200-day simple moving average of $49.42.

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).

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