Apogee Enterprises (NASDAQ:APOG) Stock Price Down 9.2% on Analyst Downgrade

Apogee Enterprises, Inc. (NASDAQ:APOG)’s share price fell 9.2% during trading on Wednesday after StockNews.com downgraded the stock from a strong-buy rating to a buy rating. The company traded as low as $52.01 and last traded at $52.30. 128,135 shares were traded during trading, a decline of 63% from the average session volume of 349,319 shares. The stock had previously closed at $57.60.

Separately, DA Davidson cut their price objective on shares of Apogee Enterprises from $75.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday.

Hedge Funds Weigh In On Apogee Enterprises

A number of large investors have recently bought and sold shares of APOG. TD Asset Management Inc raised its position in Apogee Enterprises by 6.2% during the 2nd quarter. TD Asset Management Inc now owns 32,500 shares of the industrial products company’s stock worth $2,042,000 after buying an additional 1,900 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Apogee Enterprises in the 2nd quarter valued at about $3,547,000. Quest Partners LLC increased its holdings in shares of Apogee Enterprises by 115,311.1% in the 2nd quarter. Quest Partners LLC now owns 10,387 shares of the industrial products company’s stock valued at $653,000 after purchasing an additional 10,378 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of Apogee Enterprises by 32.7% in the 2nd quarter. Texas Permanent School Fund Corp now owns 25,648 shares of the industrial products company’s stock valued at $1,612,000 after purchasing an additional 6,319 shares in the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of Apogee Enterprises by 294.5% in the 2nd quarter. Headlands Technologies LLC now owns 3,026 shares of the industrial products company’s stock valued at $190,000 after purchasing an additional 2,259 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Apogee Enterprises Price Performance

The stock’s fifty day moving average price is $77.45 and its 200-day moving average price is $70.72. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.32 and a current ratio of 1.65. The firm has a market cap of $1.11 billion, a PE ratio of 10.68 and a beta of 1.04.

Apogee Enterprises (NASDAQ:APOG) last announced its quarterly earnings results on Tuesday, January 7th. The industrial products company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.08. The business had revenue of $341.30 million during the quarter, compared to the consensus estimate of $332.27 million. Apogee Enterprises had a net margin of 7.58% and a return on equity of 24.12%. The business’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 EPS. As a group, equities analysts forecast that Apogee Enterprises, Inc. will post 5.06 EPS for the current fiscal year.

Apogee Enterprises Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Tuesday, January 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.05%. This is a boost from Apogee Enterprises’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, January 28th. Apogee Enterprises’s dividend payout ratio is presently 21.05%.

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).