Apogee Enterprises (APOG) Increases Yet Falls Behind Market: What Investors Need to Know
Apogee Enterprises (APOG) closed the latest trading day at $48.95, indicating a +0.31% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 0.39%. Elsewhere, the Dow saw an upswing of 0.43%, while the tech-heavy Nasdaq appreciated by 0.2%.
The glass products company's shares have seen an increase of 9.29% over the last month, surpassing the Industrial Products sector's gain of 7.24% and the S&P 500's gain of 5.28%.
Market participants will be closely following the financial results of Apogee Enterprises in its upcoming release. The company plans to announce its earnings on December 21, 2023. On that day, Apogee Enterprises is projected to report earnings of $1.05 per share, which would represent a year-over-year decline of 1.87%. Simultaneously, our latest consensus estimate expects the revenue to be $360.91 million, showing a 1.89% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.49 per share and revenue of $1.43 billion, which would represent changes of +12.81% and -0.74%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Apogee Enterprises. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Apogee Enterprises is holding a Zacks Rank of #1 (Strong Buy) right now.
In terms of valuation, Apogee Enterprises is presently being traded at a Forward P/E ratio of 10.87. This expresses a premium compared to the average Forward P/E of 6.87 of its industry.
The Glass Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 46, this industry ranks in the top 19% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Apogee Enterprises, Inc. (APOG) : Free Stock Analysis Report
