Metropolitan Life Insurance Co. NY reduced its stake in shares of Apogee Enterprises, Inc. (NASDAQ:APOG) by 53.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,027 shares of the industrial products company’s stock after selling 10,513 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Apogee Enterprises were worth $413,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. boosted its position in Apogee Enterprises by 79.4% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,486 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 1,100 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Apogee Enterprises during the third quarter worth $190,000. Miles Capital Inc. acquired a new stake in shares of Apogee Enterprises during the fourth quarter worth $207,000. Quadrature Capital Ltd acquired a new position in Apogee Enterprises during the fourth quarter valued at $251,000. Finally, Verity Asset Management Inc. acquired a new position in Apogee Enterprises during the fourth quarter valued at $278,000. Institutional investors own 98.98% of the company’s stock.
Several research analysts have weighed in on the company. BidaskClub raised Apogee Enterprises from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Craig Hallum decreased their price target on Apogee Enterprises from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 13th. DA Davidson decreased their price target on Apogee Enterprises from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, April 13th. Zacks Investment Research upgraded Apogee Enterprises from a “sell” rating to a “hold” rating in a research note on Thursday, February 22nd. Finally, ValuEngine downgraded Apogee Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Apogee Enterprises has an average rating of “Hold” and an average price target of $57.33.
Apogee Enterprises (NASDAQ:APOG) last posted its earnings results on Thursday, April 12th. The industrial products company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.21. Apogee Enterprises had a return on equity of 17.78% and a net margin of 5.99%. The firm had revenue of $353.30 million for the quarter, compared to analyst estimates of $363.31 million. During the same period in the previous year, the company posted $0.80 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. analysts forecast that Apogee Enterprises, Inc. will post 3.43 EPS for the current fiscal year.
Apogee Enterprises declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 9th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Sara L. Hays sold 2,229 shares of Apogee Enterprises stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $45.46, for a total value of $101,330.34. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.10% of the stock is currently owned by insiders.
Apogee Enterprises Profile
Apogee Enterprises, Inc designs and develops glass products and services in the United States, Canada, and Brazil. The company operates through four segments: Architectural Glass, Architectural Framing Systems, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated and high-performance glass used in customized windows and wall systems comprising the outside skin of commercial, institutional, and multi-family residential buildings.
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