Apogee Enterprises, Inc. (NASDAQ:APOG) Declares Dividend Increase – $0.22 Per Share

Apogee Enterprises, Inc. (NASDAQ:APOG) declared a quarterly dividend on Wednesday, January 12th, Zacks reports. Shareholders of record on Monday, January 31st will be paid a dividend of 0.22 per share by the industrial products company on Tuesday, February 15th. This represents a $0.88 annualized dividend and a yield of 1.75%. The ex-dividend date is Friday, January 28th. This is a boost from Apogee Enterprises’s previous quarterly dividend of $0.20.

Apogee Enterprises has raised its dividend payment by 27.0% over the last three years and has raised its dividend annually for the last 11 consecutive years. Apogee Enterprises has a payout ratio of 27.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Apogee Enterprises to earn $2.77 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 28.9%.

Shares of APOG opened at $50.17 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.68 and a quick ratio of 1.34. The firm has a fifty day moving average price of $46.20 and a 200-day moving average price of $42.29. Apogee Enterprises has a 12-month low of $33.88 and a 12-month high of $50.45.

Apogee Enterprises (NASDAQ:APOG) last announced its quarterly earnings results on Tuesday, December 21st. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. The firm had revenue of $334.20 million during the quarter, compared to analyst estimates of $314.63 million. Apogee Enterprises had a positive return on equity of 11.59% and a negative net margin of 1.75%. Apogee Enterprises’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, sell-side analysts anticipate that Apogee Enterprises will post 2.32 earnings per share for the current fiscal year.

Several equities analysts have recently commented on the company. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b-” rating in a research note on Monday. Zacks Investment Research upgraded shares of Apogee Enterprises from a “sell” rating to a “hold” rating and set a $51.00 price target for the company in a report on Tuesday, November 23rd. Finally, Craig Hallum increased their price objective on shares of Apogee Enterprises from $48.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, November 18th.

In other Apogee Enterprises news, SVP Gary Robert Johnson sold 3,524 shares of Apogee Enterprises stock in a transaction dated Monday, November 1st. The stock was sold at an average price of $44.50, for a total value of $156,818.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.38% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC purchased a new stake in shares of Apogee Enterprises during the 3rd quarter valued at $783,000. Royal Bank of Canada raised its stake in Apogee Enterprises by 128.6% in the second quarter. Royal Bank of Canada now owns 3,333 shares of the industrial products company’s stock valued at $136,000 after buying an additional 1,875 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Apogee Enterprises by 11.4% in the third quarter. Jane Street Group LLC now owns 6,390 shares of the industrial products company’s stock worth $241,000 after acquiring an additional 653 shares in the last quarter. 89.23% of the stock is currently owned by institutional investors and hedge funds.

About Apogee Enterprises

Apogee Enterprises, Inc engages in the design and development of architectural products and services. It also provides architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glazing products for custom picture framing. The company operates through the following segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies.

Further Reading: Arbitrage

Dividend History for Apogee Enterprises (NASDAQ:APOG)

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