Tocqueville Asset Management L.P. Grows Stake in Apogee Enterprises Inc (APOG)
Tocqueville Asset Management L.P. increased its stake in shares of Apogee Enterprises Inc (NASDAQ:APOG) by 22.2% in the 3rd quarter, Holdings Channel reports. The firm owned 167,600 shares of the industrial products company’s stock after buying an additional 30,450 shares during the period. Tocqueville Asset Management L.P.’s holdings in Apogee Enterprises were worth $6,925,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new position in shares of Apogee Enterprises during the second quarter valued at approximately $130,000. Point72 Hong Kong Ltd purchased a new position in shares of Apogee Enterprises during the second quarter valued at approximately $141,000. Itau Unibanco Holding S.A. purchased a new position in shares of Apogee Enterprises during the second quarter valued at approximately $162,000. Crossmark Global Holdings Inc. purchased a new position in shares of Apogee Enterprises during the second quarter valued at approximately $215,000. Finally, Amalgamated Bank purchased a new position in shares of Apogee Enterprises during the second quarter valued at approximately $215,000. 98.32% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. ValuEngine cut shares of Apogee Enterprises from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Goldman Sachs Group started coverage on shares of Apogee Enterprises in a report on Tuesday, October 2nd. They set a “neutral” rating and a $43.00 target price for the company. DA Davidson set a $48.00 target price on shares of Apogee Enterprises and gave the company a “hold” rating in a report on Wednesday, September 19th. Zacks Investment Research cut shares of Apogee Enterprises from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Finally, BidaskClub cut shares of Apogee Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, September 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.25.
Shares of APOG stock opened at $34.44 on Friday. Apogee Enterprises Inc has a 12 month low of $33.10 and a 12 month high of $51.33. The company has a market cap of $988.64 million, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.10 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.73 and a quick ratio of 1.33.
Apogee Enterprises (NASDAQ:APOG) last announced its earnings results on Tuesday, September 18th. The industrial products company reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.09). Apogee Enterprises had a net margin of 5.81% and a return on equity of 16.96%. The business had revenue of $362.10 million for the quarter, compared to analysts’ expectations of $364.57 million. During the same period in the prior year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts predict that Apogee Enterprises Inc will post 3.2 earnings per share for the current year.
Apogee Enterprises declared that its board has authorized a share buyback program on Wednesday, October 3rd that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Apogee Enterprises Company Profile
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.
Featured Story: Ex-Dividend
Want to see what other hedge funds are holding APOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apogee Enterprises Inc (NASDAQ:APOG).
Receive News & Ratings for Apogee Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apogee Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.