Apogee Enterprises (APOG) to Repurchase 1,000,000 Stock

Apogee Enterprises (NASDAQ:APOG) announced that its Board of Directors has authorized a share repurchase plan, which allows the company to buyback 1,000,000 shares on Tuesday, January 9th, EventVestor reports. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Shares of Apogee Enterprises (APOG) traded down $0.44 during midday trading on Thursday, reaching $45.56. The company’s stock had a trading volume of 537,600 shares, compared to its average volume of 316,029. The company has a quick ratio of 1.34, a current ratio of 1.79 and a debt-to-equity ratio of 0.45. Apogee Enterprises has a 1 year low of $40.03 and a 1 year high of $61.00. The stock has a market capitalization of $1,310.00, a P/E ratio of 16.39, a P/E/G ratio of 1.50 and a beta of 1.62.

Apogee Enterprises (NASDAQ:APOG) last announced its quarterly earnings results on Thursday, December 21st. The industrial products company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.14). Apogee Enterprises had a return on equity of 17.99% and a net margin of 6.24%. The company had revenue of $356.50 million during the quarter, compared to analyst estimates of $373.35 million. During the same period in the prior year, the firm earned $0.78 EPS. Apogee Enterprises’s quarterly revenue was up 30.1% on a year-over-year basis. equities research analysts forecast that Apogee Enterprises will post 3.05 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Tuesday, January 30th will be issued a $0.1575 dividend. This is a boost from Apogee Enterprises’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, January 29th. This represents a $0.63 annualized dividend and a yield of 1.38%. Apogee Enterprises’s dividend payout ratio is 20.14%.

Several research analysts have recently commented on the company. BidaskClub lowered Apogee Enterprises from a “hold” rating to a “sell” rating in a research report on Thursday, December 14th. Zacks Investment Research raised Apogee Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, November 21st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $63.33.

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About Apogee Enterprises

Apogee Enterprises, Inc is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems.

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