Apogee Enterprises, Inc. (NASDAQ:APOG) Sees Large Drop in Short Interest

Apogee Enterprises, Inc. (NASDAQ:APOG) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 762,000 shares, a decrease of 17.9% from the December 15th total of 927,700 shares. Based on an average daily volume of 186,600 shares, the days-to-cover ratio is currently 4.1 days. Currently, 3.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on APOG. StockNews.com downgraded shares of Apogee Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 9th. Singular Research upgraded Apogee Enterprises to a “moderate buy” rating in a research report on Tuesday. Sidoti raised Apogee Enterprises from a “neutral” rating to a “buy” rating in a research report on Friday, January 10th. Finally, DA Davidson cut their price objective on Apogee Enterprises from $75.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th.

Institutional Trading of Apogee Enterprises

A number of hedge funds have recently added to or reduced their stakes in the business. Gladius Capital Management LP acquired a new stake in shares of Apogee Enterprises in the third quarter worth approximately $33,000. GAMMA Investing LLC grew its stake in Apogee Enterprises by 43.2% during the third quarter. GAMMA Investing LLC now owns 540 shares of the industrial products company’s stock worth $38,000 after buying an additional 163 shares during the period. Quarry LP increased its position in shares of Apogee Enterprises by 959.4% in the second quarter. Quarry LP now owns 731 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 662 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Apogee Enterprises during the 3rd quarter valued at $58,000. Finally, CWM LLC boosted its position in Apogee Enterprises by 19.9% during the 3rd quarter. CWM LLC now owns 1,147 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 190 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Apogee Enterprises Price Performance

Apogee Enterprises stock traded up $1.80 during trading hours on Friday, hitting $56.20. The stock had a trading volume of 81,376 shares, compared to its average volume of 404,667. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 12.56 and a beta of 1.04. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.63 and a quick ratio of 1.32. Apogee Enterprises has a 1-year low of $49.58 and a 1-year high of $87.93. The stock’s fifty day moving average is $74.78 and its two-hundred day moving average is $70.44.

Apogee Enterprises (NASDAQ:APOG) last announced its earnings results on Tuesday, January 7th. The industrial products company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.08. The firm had revenue of $341.30 million for the quarter, compared to analysts’ expectations of $332.27 million. Apogee Enterprises had a return on equity of 23.14% and a net margin of 7.14%. Apogee Enterprises’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 EPS. As a group, analysts predict that Apogee Enterprises will post 4.96 earnings per share for the current fiscal year.

Apogee Enterprises Increases Dividend

The firm also recently announced 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 is a positive change from Apogee Enterprises’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.85%. The ex-dividend date is Tuesday, January 28th. Apogee Enterprises’s dividend payout ratio is presently 22.32%.

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).