Apogee Enterprises (NASDAQ:APOG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “For fiscal 2019, Apogee anticipates double-digit revenue growth and triple-digit basis-point improvement in its operating margin. The company will gain from focus on restructuring activities including the closing of its Viracon architectural glass plant. Recent dividend hike and share repurchase authorization will also aid results. Further, the growing architectural market, focus on operational improvements, expansion in new geographies, as well as product roll outs are anticipated to drive Apogee's growth. However, lower volume and pricing (mainly in the Architectural Glass segment) and higher health care costs remain headwinds for its results. Restructuring charges, a strong U.S. dollar will hurt the company’s performance. Moreover, the stock has underperformed the industry in the past year. “
Several other research firms have also recently issued reports on APOG. BidaskClub raised Apogee Enterprises from a “hold” rating to a “buy” rating in a research note on Thursday. ValuEngine cut Apogee Enterprises from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Apogee Enterprises presently has an average rating of “Buy” and an average price target of $61.00.
Apogee Enterprises (APOG) opened at $45.04 on Thursday. The stock has a market cap of $1,261.73, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 1.46 and a beta of 1.58. The company has a quick ratio of 1.32, a current ratio of 1.79 and a debt-to-equity ratio of 0.45. Apogee Enterprises has a fifty-two week low of $40.03 and a fifty-two week high of $61.00.
Apogee Enterprises (NASDAQ:APOG) last released its quarterly earnings data on Thursday, December 21st. The industrial products company reported $0.90 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.14). The company had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $373.35 million. Apogee Enterprises had a return on equity of 17.99% and a net margin of 6.24%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 EPS. sell-side analysts expect that Apogee Enterprises will post 3.05 EPS for the current year.
Apogee Enterprises announced that its board has initiated a stock buyback program on Tuesday, January 9th that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Sara L. Hays sold 2,229 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $45.46, for a total value of $101,330.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Apogee Enterprises by 79.4% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,486 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 1,100 shares during the last quarter. Elkfork Partners LLC bought a new stake in shares of Apogee Enterprises in the fourth quarter worth about $170,000. SG Americas Securities LLC bought a new stake in shares of Apogee Enterprises in the third quarter worth about $190,000. Miles Capital Inc. bought a new stake in shares of Apogee Enterprises in the fourth quarter worth about $207,000. Finally, Worth Venture Partners LLC bought a new stake in shares of Apogee Enterprises in the third quarter worth about $246,000. 99.59% of the stock is currently owned by institutional investors.
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About Apogee Enterprises
Apogee Enterprises, Inc is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems.
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