Apogee Enterprises, a leading provider of architectural glass and framing solutions, recently provided an update on its earnings guidance for fiscal year 2024. On Tuesday morning, the company announced that it expects to achieve earnings per share in the range of $4.35 to $4.65 for the period. This projection surpasses the consensus estimate of $4.28 per share.
In addition to its earnings guidance, Apogee Enterprises also issued revenue guidance; however, no details were provided regarding this aspect.
Following this news, several equities analysts have weighed in on Apogee Enterprises stock. DA Davidson recently increased their price objective from $44.00 to $50.00 in a report released on June 27th. Furthermore, StockNews.com initiated coverage on the stock and assigned a buy rating on August 17th.
In terms of insider trading activities, two significant transactions have taken place recently involving executives of Apogee Enterprises. EVP Curtis John Dobler sold a total of 3,727 shares on Wednesday, July 19th at an average price of $46.95 per share, resulting in a total value of $174,982.65 for the transaction. Dobler currently holds 34,314 shares with an approximate value of $1,611,042.30.
Another insider sale occurred when Jane Marie Boyce, an Apogee Enterprises insider, sold 14,500 shares at an average price of $47.42 per share on Tuesday, July 18th. The total value for this transaction amounted to $687,590. With this sale concluded, Boyce now possesses 42,603 shares valued at around $2,020,234.26.
Overall last quarter there were insider sales totaling approximately 19,727 shares with a combined worth of $934,648. Insiders collectively own 2% of the company’s stock.
On Tuesday morning, shares of Apogee Enterprises opened at $49.31. The company currently holds a market capitalization of $1.09 billion with a price-to-earnings ratio of 10.47 and a beta of 1.17. Over the past year, Apogee Enterprises’ stock has ranged from a low of $36.62 to a high of $51.69.
Apogee Enterprises’ financial position appears solid, with a fifty-day moving average of $48.93 and a two-hundred-day moving average of $44.65. Furthermore, the company boasts favorable liquidity indicators including a quick ratio of 1.34 and a current ratio of 1.69.
With this latest update from Apogee Enterprises, investors will be monitoring the company’s performance closely as it strives to achieve its projected earnings for fiscal year 2024.
[bs_slider_forecast ticker=”CAR”]
Insider Selling Surfaces at Apogee Enterprises Following Strong Earnings Report
Apogee Enterprises, a leader in the industrial products industry, has recently made headlines due to insider selling of company stock. EVP Curtis John Dobler sold 3,727 shares at an average price of $46.95, resulting in a transaction value of $174,982.65. Additionally, insider Jane Marie Boyce sold 14,500 shares at an average price of $47.42, totaling $687,590.00. These transactions were disclosed in legal filings with the Securities and Exchange Commission (SEC).
Following the completion of these sales, Dobler now owns 34,314 shares of Apogee Enterprises stock worth approximately $1,611,042.30. Boyce’s insider selling leaves her with 42,603 shares valued at approximately $2,020,234.26. The SEC filing provides links for access to further details regarding these transactions.
In total, insiders have sold 19,727 shares of Apogee Enterprises’ stock in the last quarter alone. This amounts to a total value of $934,648 and indicates that company insiders currently own 2% of the outstanding stock.
These recent developments come after Apogee Enterprises reported its earnings results on June 23rd. The company exceeded analysts’ consensus estimates by reporting earnings per share (EPS) of $1.05 for the quarter – surpassing expectations by $0.15 per share.
Furthermore, Apogee Enterprises demonstrated a net margin of 7.26% and returned on equity (ROE) of 23.39%. The company generated revenue amounting to $361.80 million during the quarter compared to a consensus estimate of $355.60 million.
Year over year comparisons highlight a growth rate as well – indicating that the firm’s revenue for this quarter increased by 1.5% from the same period last year.
As for future projections and forecasts based on analyst research and analysis, it is predicted that Apogee Enterprises will achieve earnings per share of 4.22 for the current fiscal year.
In addition to these developments, Apogee Enterprises announced a quarterly dividend payment on July 27th. Stockholders of record as of July 12th received a dividend of $0.24 per share. This equates to a $0.96 dividend on an annualized basis and represents a dividend yield of 1.95%. The ex-dividend date for this payment was July 11th.
Overall, these recent insider transactions coupled with strong earnings results have generated significant attention in the market. Investors and industry analysts continue to closely monitor developments at Apogee Enterprises, driven by its strong performance and potential for future growth.
Please note that this article is based on information available as of September 19, 2023.
