Apogee Enterprises (NASDAQ:APOG) Shares Down 6.8% - Here's What Happened

Shares of Apogee Enterprises, Inc. (NASDAQ:APOG - Get Free Report) traded down 6.8% during mid-day trading on Monday . The stock traded as low as $39.12 and last traded at $39.12. 71,887 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 200,443 shares. The stock had previously closed at $41.99.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen downgraded Apogee Enterprises from a "buy" rating to a "hold" rating in a research note on Friday, April 25th. DA Davidson dropped their price objective on Apogee Enterprises from $47.00 to $45.00 and set a "neutral" rating on the stock in a research report on Tuesday.

Apogee Enterprises Price Performance

The stock has a market capitalization of $932.04 million, a PE ratio of 18.47 and a beta of 0.96. The firm's fifty day moving average price is $39.81 and its two-hundred day moving average price is $48.44. The company has a quick ratio of 1.36, a current ratio of 1.77 and a debt-to-equity ratio of 0.65.

Apogee Enterprises (NASDAQ:APOG - Get Free Report) last posted its earnings results on Friday, June 27th. The industrial products company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.11. Apogee Enterprises had a return on equity of 17.79% and a net margin of 3.73%. The company had revenue of $346.62 million for the quarter, compared to the consensus estimate of $326.08 million. During the same quarter in the prior year, the company earned $1.44 earnings per share. Apogee Enterprises's revenue was up 4.6% on a year-over-year basis. On average, equities analysts predict that Apogee Enterprises, Inc. will post 4.97 earnings per share for the current year.

Apogee Enterprises Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, July 16th. Apogee Enterprises's payout ratio is 26.80%.

Hedge Funds Weigh In On Apogee Enterprises

A number of hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new stake in Apogee Enterprises in the 1st quarter worth $691,000. SG Americas Securities LLC bought a new stake in shares of Apogee Enterprises in the first quarter worth about $280,000. Janney Montgomery Scott LLC increased its holdings in shares of Apogee Enterprises by 18.5% in the first quarter. Janney Montgomery Scott LLC now owns 29,914 shares of the industrial products company's stock worth $1,386,000 after purchasing an additional 4,680 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Apogee Enterprises by 35.3% in the fourth quarter. Franklin Resources Inc. now owns 44,247 shares of the industrial products company's stock worth $3,160,000 after buying an additional 11,552 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Apogee Enterprises by 6.7% during the fourth quarter. Bank of America Corp DE now owns 103,804 shares of the industrial products company's stock valued at $7,413,000 after buying an additional 6,529 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Apogee Enterprises Company Profile

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).