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

Shares of Apogee Enterprises, Inc. (NASDAQ:APOG) were down 9.2% 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. Approximately 128,135 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 349,319 shares. The stock had previously closed at $57.60.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its holdings in shares of Apogee Enterprises by 15.5% in the 2nd quarter. Pacer Advisors Inc. now owns 917,000 shares of the industrial products company’s stock valued at $57,620,000 after buying an additional 122,811 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Apogee Enterprises by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 530,226 shares of the industrial products company’s stock valued at $37,131,000 after buying an additional 7,382 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Apogee Enterprises by 23.2% in the 2nd quarter. American Century Companies Inc. now owns 528,769 shares of the industrial products company’s stock valued at $33,225,000 after buying an additional 99,495 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Apogee Enterprises by 70.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 162,379 shares of the industrial products company’s stock valued at $11,369,000 after buying an additional 67,295 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Apogee Enterprises by 12.5% in the 3rd quarter. FMR LLC now owns 104,690 shares of the industrial products company’s stock valued at $7,330,000 after buying an additional 11,627 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Apogee Enterprises Stock Performance

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

Apogee Enterprises (NASDAQ:APOG) last released its quarterly earnings results on Tuesday, January 7th. The industrial products company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.11 by $0.08. Apogee Enterprises had a net margin of 7.58% and a return on equity of 24.12%. The firm had revenue of $341.30 million during the quarter, compared to the consensus estimate of $332.27 million. During the same quarter in the prior year, the firm earned $1.23 EPS. Apogee Enterprises’s revenue for the quarter was up .5% on a year-over-year basis. Analysts expect that Apogee Enterprises, Inc. will post 5.06 earnings per share for the current year.

Apogee Enterprises Increases Dividend

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

Apogee Enterprises Company Profile

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).