Zacks Investment Research Downgrades Apogee Enterprises, Inc. (APOG) to Sell
Apogee Enterprises, Inc. (NASDAQ:APOG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Apogee lowered its fiscal 2018 guidance due to revised cost estimates from the EFCO acquisition. The company now expects revenue growth of 24 to 26% and adjusted operating margin to range between 11% and 11.5% for fiscal 2018. Adjusted earnings per share for the fiscal year are projected to lie between $3.40 and $3.60. Further, Apogee's Architectural services segment's revenues will be affected in fiscal 2018 due to the timing of projects and revenue being shifted to fiscal 2019. Unfavorable foreign currency impact will also hamper Apogee’s results in the near term. The company has underperformed the industry in the past one year.”
Several other brokerages have also weighed in on APOG. Sidoti assumed coverage on Apogee Enterprises in a report on Thursday, May 25th. They issued a “buy” rating and a $70.00 price objective for the company. ValuEngine raised Apogee Enterprises from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. BidaskClub lowered Apogee Enterprises from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, DA Davidson set a $52.00 price objective on Apogee Enterprises and gave the stock a “buy” rating in a report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $63.75.
Shares of Apogee Enterprises (APOG) opened at 43.12 on Monday. The firm has a 50-day moving average of $51.26 and a 200-day moving average of $54.81. Apogee Enterprises has a one year low of $39.88 and a one year high of $61.00. The company has a market capitalization of $1.24 billion, a P/E ratio of 14.77 and a beta of 1.56.
Apogee Enterprises (NASDAQ:APOG) last released its earnings results on Thursday, June 22nd. The industrial products company reported $0.62 EPS for the quarter, missing the Zacks’ consensus estimate of $0.71 by $0.09. The business had revenue of $272.30 million for the quarter, compared to the consensus estimate of $271.13 million. Apogee Enterprises had a return on equity of 18.59% and a net margin of 7.39%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.61 earnings per share. Equities research analysts expect that Apogee Enterprises will post $3.11 EPS for the current fiscal year.
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In related news, Director Jerome L. Davis sold 18,706 shares of Apogee Enterprises stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $55.04, for a total value of $1,029,578.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company’s stock.
A number of large investors have recently made changes to their positions in APOG. Swiss National Bank raised its stake in shares of Apogee Enterprises by 1.7% in the first quarter. Swiss National Bank now owns 47,600 shares of the industrial products company’s stock valued at $2,837,000 after buying an additional 800 shares during the period. Comerica Bank raised its stake in shares of Apogee Enterprises by 4.0% in the first quarter. Comerica Bank now owns 31,895 shares of the industrial products company’s stock valued at $1,738,000 after buying an additional 1,214 shares during the period. Suntrust Banks Inc. raised its stake in shares of Apogee Enterprises by 239.9% in the first quarter. Suntrust Banks Inc. now owns 26,468 shares of the industrial products company’s stock valued at $1,577,000 after buying an additional 18,681 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Apogee Enterprises by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 651,833 shares of the industrial products company’s stock valued at $38,857,000 after buying an additional 16,093 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of Apogee Enterprises by 5.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 4,490 shares of the industrial products company’s stock valued at $268,000 after buying an additional 241 shares during the period.
Apogee Enterprises Company Profile
Apogee Enterprises, Inc is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems.
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