Federated Hermes Inc. Trims Stock Holdings in 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. decreased its holdings in shares of Apogee Enterprises, Inc. (NASDAQ:APOG - Free Report) by 25.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in APOG. LPL Financial LLC boosted its stake in shares of Apogee Enterprises by 14.6% in the fourth quarter. LPL Financial LLC now owns 4,253 shares of the industrial products company's stock valued at $304,000 after buying an additional 541 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Apogee Enterprises by 87.9% in the fourth quarter. JPMorgan Chase & Co. now owns 186,744 shares of the industrial products company's stock valued at $13,335,000 after acquiring an additional 87,356 shares during the period. Norges Bank purchased a new stake in shares of Apogee Enterprises during the 4th quarter worth $5,698,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Apogee Enterprises by 54.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 52,631 shares of the industrial products company's stock worth $3,758,000 after purchasing an additional 18,447 shares in the last quarter. Finally, Schroder Investment Management Group acquired a new position in shares of Apogee Enterprises during the 4th quarter worth $716,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Apogee Enterprises Price Performance

APOG traded down $0.09 during trading on Friday, reaching $41.52. 101,821 shares of the stock were exchanged, compared to its average volume of 176,147. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.77 and a quick ratio of 1.36. The company has a market capitalization of $893.93 million, a price-to-earnings ratio of 17.74 and a beta of 1.00. Apogee Enterprises, Inc. has a 1 year low of $37.53 and a 1 year high of $87.93. The business's 50 day moving average price is $41.00 and its two-hundred day moving average price is $44.19.

Apogee Enterprises (NASDAQ:APOG - Get Free Report) last released its quarterly 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 during the quarter, compared to the consensus estimate of $326.08 million. Apogee Enterprises had a return on equity of 17.79% and a net margin of 3.73%. The business's revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.44 EPS. As a group, equities research analysts anticipate that Apogee Enterprises, Inc. will post 4.97 earnings per share for the current year.

Apogee Enterprises Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. DA Davidson reduced their price objective on shares of Apogee Enterprises from $47.00 to $45.00 and set a "neutral" rating for the company in a research note on Tuesday, July 1st. Wall Street Zen cut shares of Apogee Enterprises from a "buy" rating to a "hold" rating in a report on Saturday, July 26th.

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).