DNB Asset Management AS reduced its position in shares of Apogee Enterprises Inc (NASDAQ:APOG) by 75.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,720 shares of the industrial products company’s stock after selling 49,302 shares during the quarter. DNB Asset Management AS owned 0.06% of Apogee Enterprises worth $650,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in APOG. Engaged Capital LLC grew its stake in shares of Apogee Enterprises by 49.3% during the 2nd 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. Royce & Associates LP grew its stake in shares of Apogee Enterprises by 57.4% during the 2nd 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. Rice Hall James & Associates LLC grew its stake in shares of Apogee Enterprises by 1,229.9% during the 2nd quarter. Rice Hall James & Associates LLC now owns 400,578 shares of the industrial products company’s stock valued at $19,296,000 after acquiring an additional 370,458 shares during the period. BlackRock Inc. grew its stake in shares of Apogee Enterprises by 6.7% during the 2nd 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. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Apogee Enterprises during the 2nd quarter valued at approximately $9,166,000. Institutional investors and hedge funds own 98.51% of the company’s stock.
In other Apogee Enterprises news, Director Herbert K. Parker purchased 5,000 shares of the company’s stock in a transaction on Thursday, September 27th. The stock was acquired at an average cost of $41.52 per share, for a total transaction of $207,600.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.90% of the company’s stock.
Apogee Enterprises (NASDAQ:APOG) last posted its quarterly 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). Apogee Enterprises had a return on equity of 16.96% and a net margin of 5.81%. The business had revenue of $362.10 million during the quarter, compared to the consensus estimate of $364.57 million. During the same quarter in the previous year, the company earned $0.60 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts expect that Apogee Enterprises Inc will post 3.2 EPS for the current fiscal year.
Apogee Enterprises declared that its board has authorized a stock buyback program on Wednesday, October 3rd that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 7th. Shareholders of record on Tuesday, October 23rd will be paid a $0.1575 dividend. The ex-dividend date of this dividend is Monday, October 22nd. This represents a $0.63 annualized dividend and a yield of 1.68%. Apogee Enterprises’s payout ratio is 20.32%.
A number of research analysts recently issued reports on APOG shares. DA Davidson downgraded Apogee Enterprises from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $47.00 to $52.00 in a research note on Friday, June 29th. They noted that the move was a valuation call. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b” rating in a research note on Thursday, June 28th. Zacks Investment Research upgraded Apogee Enterprises from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Wednesday, July 4th. ValuEngine upgraded Apogee Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Finally, BidaskClub downgraded Apogee Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, August 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Apogee Enterprises currently has a consensus rating of “Hold” and a consensus target price of $50.25.
Apogee Enterprises Profile
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.
Recommended Story: Beta
Want to see what other hedge funds are holding APOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apogee Enterprises Inc (NASDAQ:APOG).
Receive News & Ratings for Apogee Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apogee Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.