Apogee Enterprises, Inc. (NYSE: APOG)
Apogee Enterprises, Inc. (APOG), a global glass products and services company yesterday announced a quarterly cash dividend in the amount of $0.14 per share. The dividend will be payable on July 25, 2017 to shareholders of record on July 10, 2017.
Apogee Enterprises, Inc. CEO’s Comments
(Comments from June 12th regarding EFCO acquisition)
“We are excited to begin the process of integrating EFCO into the Apogee family and realizing the benefits the acquisition will bring to Apogee and to the EFCO business,” said Joseph F. Puishys, Apogee chief executive officer. “Our acquisition of EFCO, with annual revenues of more than $250 million, will accelerate Apogee’s growth strategies, and expand our presence in mid-size commercial buildings, broaden our product offerings and increase our geographic presence across the United States. To summarize, with the addition of EFCO, we’ve achieved another milestone in our journey to position Apogee to deliver consistently solid performance regardless of economic conditions. Business Wire
APOG Technical Analysis
APOG opened trading yesterday at $56.17 which was up from the previous day’s trading close of $56.14. APOG closed trading yesterday at $57.74 and spiked up after market to $60.40, equivalent to a 5% increase from the closing price. Taking a look at the daily chart we can see the last time APOG traded above these levels we have to go back to March 1st when it traded at highs of $60.84.
Taking a closer look at the daily chart we can see that before the spike up APOG had been in an overall downward trend dating back to May 18th when it traded at $51.38. APOG has a float of 28.01 million shares and traded 2.08 times the normal daily trading volume on Wednesday.
For trading purposes, I would like to see APOG open trading on Thursday above $59.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Apogee Enterprises, Inc. designs and develops glass products and services in the United States, Canada, and Brazil. The company operates through four segments: Architectural Glass, Architectural Framing Systems, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated and high-performance glass used in customized windows and wall systems comprising the outside skin of commercial, institutional, and multi-family residential buildings.
The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass windows, curtain walls, storefronts, and entrance systems comprising the outside skin, as well as entrances of commercial, institutional, and multi-family residential buildings.
The Architectural Services segment provides full-service installation of the walls of glass, windows, and other curtainwall products making up the outside skin of commercial and institutional buildings. The LSO segment manufactures value-added glass and acrylic products for the custom picture framing and display applications.
The companys products and services are primarily used in commercial buildings, such as office towers, hotels, and retail centers; and institutional buildings, including education facilities and dormitories, health care facilities, and government buildings, as well as multi-family residential buildings.
It markets its architectural products and services through direct sales force, independent sales representatives, and distributors to general contractors and glazing subcontractors, architects, and building owners; and value-added glass and acrylics through retail chains, picture framing shops, and independent distributors to museums, and public and private galleries and collections. Apogee Enterprises, Inc. was founded in 1949 and is headquartered in Minneapolis, Minnesota.” Yahoo Finance
