Market News

Apogee Raises Quarterly Dividend By 7%; Shares Gain

Apogee Enterprises has announced a quarterly dividend increase of 7% to $0.20 per share from $0.1875 per share, which marks the eighth consecutive year of a dividend hike. Shares of the building products and equipment provider closed 2.9% higher on Wednesday.

Apogee said that the new quarterly dividend will be paid on Feb. 16, 2021, to shareholders of record as of Feb. 1. The company’s new annual dividend of $0.80 per share now reflects a dividend yield of 2.2%.

Earlier in December, Apogee (APOG) reported mixed 3Q results. Its 3Q earnings of $0.90 per share came ahead of the Street’s estimates of $0.69. However, its revenue of $314 million missed analysts’ expectations of $327.4 million.

Moreover, the company said that continued project delays and uncertain end-market conditions amid the COVID-19 pandemic will dent its 4Q revenue. (See APOG stock analysis on TipRanks)

On Dec. 21, Craig-Hallum analyst Eric Stine said that he sees the company’s strong focus on cost reductions, services strength, and a rebound in LSO (large scale optical) segment, even amid ongoing market uncertainty.

Stine maintained a Buy rating and raised the stock’s price target to $39 (5.4% upside potential) from $31. Shares have gained about 14.7% over the past year.

Meanwhile, investors currently have a Neutral stance on the stock, with less than 0.1% of all portfolios holding APOG shares.

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