Apogee Enterprises (APOG) Trading Down 11.9% Following Weak Earnings
Apogee Enterprises Inc (NASDAQ:APOG) shares dropped 11.9% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $40.38 and last traded at $42.48. Approximately 1,872,531 shares were traded during mid-day trading, an increase of 635% from the average daily volume of 254,652 shares. The stock had previously closed at $48.22.
The industrial products company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.05). Apogee Enterprises had a return on equity of 17.33% and a net margin of 5.66%. 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 business posted $0.60 earnings per share. Apogee Enterprises’s quarterly revenue was up 5.3% compared to the same quarter last year.
A number of equities research analysts have issued reports on the company. TheStreet upgraded Apogee Enterprises from a “c+” rating to a “b” rating in a research note on Thursday, June 28th. Zacks Investment Research downgraded Apogee Enterprises from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. BidaskClub downgraded Apogee Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 20th. DA Davidson downgraded Apogee Enterprises from a “buy” rating to a “neutral” rating and boosted their price target 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. Finally, ValuEngine upgraded Apogee Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Apogee Enterprises currently has an average rating of “Hold” and a consensus target price of $54.00.
The company has a debt-to-equity ratio of 0.41, a current ratio of 1.68 and a quick ratio of 1.30. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.37 and a beta of 1.49.
Apogee Enterprises Company Profile (NASDAQ:APOG)
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.
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