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.
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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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