Federated Hermes Inc. Sells 13,573 Shares of Apogee Enterprises, Inc. (NASDAQ:APOG)

Key Points

• Federated Hermes Inc. reduced its stake in Apogee Enterprises by 25.3%, resulting in ownership of 40,106 shares worth approximately $1.86 million.
• Apogee Enterprises reported a profit of $0.56 per share for the recent quarter, exceeding analysts' expectations, with revenue increasing by 4.6% year-over-year.
• The company announced a quarterly dividend of $0.26 per share, representing a dividend yield of 2.5%, with a payout ratio of 44.44%.

Federated Hermes Inc. trimmed its position in Apogee Enterprises, Inc. (NASDAQ:APOG - Free Report) by 25.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,106 shares of the industrial products company's stock after selling 13,573 shares during the period. Federated Hermes Inc. owned approximately 0.19% of Apogee Enterprises worth $1,858,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Apogee Enterprises by 87.9% in the 4th quarter. JPMorgan Chase & Co. now owns 186,744 shares of the industrial products company's stock valued at $13,335,000 after purchasing an additional 87,356 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Apogee Enterprises by 196.2% during the fourth quarter. Renaissance Technologies LLC now owns 122,883 shares of the industrial products company's stock valued at $8,775,000 after buying an additional 81,400 shares during the last quarter. Norges Bank bought a new stake in shares of Apogee Enterprises during the fourth quarter worth about $5,698,000. Bridgeway Capital Management LLC acquired a new stake in shares of Apogee Enterprises in the 4th quarter worth about $5,535,000. Finally, Segall Bryant & Hamill LLC lifted its position in Apogee Enterprises by 9.3% in the 1st quarter. Segall Bryant & Hamill LLC now owns 723,988 shares of the industrial products company's stock valued at $33,542,000 after acquiring an additional 61,430 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APOG has been the subject of several analyst reports. Wall Street Zen downgraded Apogee Enterprises from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. DA Davidson cut 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, July 1st.

Apogee Enterprises Stock Performance

Apogee Enterprises stock traded down $0.09 during mid-day trading on Friday, reaching $41.52. The company's stock had a trading volume of 101,736 shares, compared to its average volume of 248,518. Apogee Enterprises, Inc. has a 12-month low of $37.53 and a 12-month high of $87.93. The company has a market capitalization of $893.93 million, a P/E ratio of 17.74 and a beta of 1.00. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.36 and a current ratio of 1.77. The firm's fifty day moving average price is $40.94 and its two-hundred day moving average price is $44.30.

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 (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. The business had revenue of $346.62 million for the quarter, compared to analysts' expectations of $326.08 million. Apogee Enterprises had a net margin of 3.73% and a return on equity of 17.79%. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.44 EPS. Sell-side analysts predict that Apogee Enterprises, Inc. will post 4.97 EPS for the current fiscal year.

Apogee Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th were issued a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, July 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.5%. Apogee Enterprises's dividend payout ratio is presently 44.44%.

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).