Apogee Enterprises (APOG) Cut to Strong Sell at BidaskClub

Apogee Enterprises (NASDAQ:APOG) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.

Other equities analysts also recently issued reports about the company. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b” rating in a research report on Thursday, June 28th. Zacks Investment Research upgraded Apogee Enterprises from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, July 4th. DA Davidson set a $48.00 target price on Apogee Enterprises and gave the company a “hold” rating in a research report on Wednesday, September 19th. ValuEngine upgraded Apogee Enterprises from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Finally, Goldman Sachs Group started coverage on Apogee Enterprises in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $43.00 target price on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Apogee Enterprises has a consensus rating of “Hold” and an average price target of $50.25.

NASDAQ APOG opened at $39.12 on Thursday. The firm has a market cap of $1.17 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.29 and a beta of 1.50. The company has a current ratio of 1.73, a quick ratio of 1.30 and a debt-to-equity ratio of 0.42. Apogee Enterprises has a fifty-two week low of $37.24 and a fifty-two week high of $51.33.

Apogee Enterprises (NASDAQ:APOG) last released its earnings results on Tuesday, September 18th. The industrial products company reported $0.75 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.09). The company had revenue of $362.10 million for the quarter, compared to analysts’ expectations of $364.57 million. Apogee Enterprises had a net margin of 5.81% and a return on equity of 16.96%. Apogee Enterprises’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities research analysts anticipate that Apogee Enterprises will post 3.2 EPS for the current year.

Apogee Enterprises announced that its board has approved a share buyback plan on Wednesday, October 3rd that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Apogee Enterprises news, Director Herbert K. Parker purchased 5,000 shares of the firm’s stock in a transaction on Thursday, September 27th. The shares were acquired at an average cost of $41.52 per share, with a total value of $207,600.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Apogee Enterprises by 6.7% during the second quarter. BlackRock Inc. now owns 3,837,104 shares of the industrial products company’s stock valued at $184,833,000 after acquiring an additional 241,165 shares during the period. Engaged Capital LLC raised its holdings in Apogee Enterprises by 49.3% during the second quarter. Engaged Capital LLC now owns 1,491,020 shares of the industrial products company’s stock valued at $71,822,000 after acquiring an additional 492,086 shares during the period. Dimensional Fund Advisors LP raised its holdings in Apogee Enterprises by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,469,724 shares of the industrial products company’s stock valued at $70,797,000 after acquiring an additional 17,355 shares during the period. Royce & Associates LP raised its holdings in Apogee Enterprises by 57.4% during the second quarter. Royce & Associates LP now owns 1,226,629 shares of the industrial products company’s stock valued at $59,087,000 after acquiring an additional 447,453 shares during the period. Finally, Glenmede Trust Co. NA raised its holdings in Apogee Enterprises by 3.0% during the second quarter. Glenmede Trust Co. NA now owns 835,930 shares of the industrial products company’s stock valued at $40,267,000 after acquiring an additional 24,677 shares during the period. 99.03% of the stock is currently owned by institutional investors and hedge funds.

About Apogee Enterprises

Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. It operates through four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront, and entrance systems comprising the outside skin and entrances of commercial, institutional, and multi-family residential buildings.

See Also: Intrinsic Value

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