Apogee Enterprises (NASDAQ:APOG) Releases FY23 Earnings Guidance

Apogee Enterprises (NASDAQ:APOGGet Rating) issued an update on its FY23 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.75-4.05 for the period, compared to the consensus estimate of $3.66. The company issued revenue guidance of +8-10% yr/yr to ~$1.42-1.45 billion, compared to the consensus revenue estimate of $1.38 billion. Apogee Enterprises also updated its FY 2023 guidance to $3.75-$4.05 EPS.

Apogee Enterprises Price Performance

NASDAQ:APOG traded down $0.94 during mid-day trading on Friday, reaching $39.02. The stock had a trading volume of 4,055 shares, compared to its average volume of 116,129. The firm has a 50 day moving average price of $41.42 and a two-hundred day moving average price of $42.69. The stock has a market capitalization of $864.68 million, a P/E ratio of 16.31 and a beta of 1.07. Apogee Enterprises has a one year low of $35.96 and a one year high of $50.44. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.32 and a current ratio of 1.82.

Apogee Enterprises (NASDAQ:APOGGet Rating) last announced its quarterly earnings data on Tuesday, September 20th. The industrial products company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.23. Apogee Enterprises had a return on equity of 21.94% and a net margin of 3.95%. The firm had revenue of $372.10 million during the quarter, compared to the consensus estimate of $342.84 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis. As a group, analysts expect that Apogee Enterprises will post 3.82 earnings per share for the current year.

Wall Street Analyst Weigh In

APOG has been the subject of several recent research reports. Craig Hallum lowered their price objective on Apogee Enterprises from $47.00 to $43.00 and set a hold rating for the company in a research report on Friday, June 24th. StockNews.com raised Apogee Enterprises from a buy rating to a strong-buy rating in a research note on Wednesday, September 14th. Finally, TheStreet raised Apogee Enterprises from a c+ rating to a b- rating in a research note on Thursday, June 23rd.

Insider Transactions at Apogee Enterprises

In other news, SVP Gary Robert Johnson sold 2,187 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $40.00, for a total value of $87,480.00. Following the sale, the senior vice president now directly owns 36,600 shares of the company’s stock, valued at $1,464,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Brent C. Jewell sold 1,313 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $37.88, for a total value of $49,736.44. Following the sale, the insider now directly owns 23,111 shares of the company’s stock, valued at $875,444.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Gary Robert Johnson sold 2,187 shares of the company’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $40.00, for a total value of $87,480.00. Following the transaction, the senior vice president now directly owns 36,600 shares in the company, valued at $1,464,000. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of APOG. Bank of New York Mellon Corp lifted its holdings in shares of Apogee Enterprises by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 364,212 shares of the industrial products company’s stock valued at $17,285,000 after purchasing an additional 1,767 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Apogee Enterprises by 4.3% during the first quarter. Bank of Montreal Can now owns 20,030 shares of the industrial products company’s stock valued at $986,000 after purchasing an additional 833 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Apogee Enterprises by 58.3% during the first quarter. MetLife Investment Management LLC now owns 13,292 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 4,895 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Apogee Enterprises by 0.6% during the first quarter. Rhumbline Advisers now owns 70,989 shares of the industrial products company’s stock valued at $3,369,000 after purchasing an additional 404 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Apogee Enterprises by 11.9% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,436 shares of the industrial products company’s stock valued at $1,017,000 after purchasing an additional 2,288 shares in the last quarter. 89.95% of the stock is owned by institutional investors.

Apogee Enterprises Company Profile

(Get Rating)

Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. The company operates in 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; curtain wall; storefront; and entrance systems, such as the outside skin and entrances of commercial, institutional, and multi-family residential buildings.

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Earnings History and Estimates for Apogee Enterprises (NASDAQ:APOG)

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