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Hedge Funds Aren’t Crazy About Apogee Enterprises, Inc. (APOG) Anymore

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Apogee Enterprises, Inc. (NASDAQ:APOG) was in 10 hedge funds’ portfolio at the end of the first quarter of 2013. APOG has seen a decrease in hedge fund sentiment of late. There were 13 hedge funds in our database with APOG holdings at the end of the previous quarter.

Apogee Enterprises, Inc. (NASDAQ:APOG)

In the eyes of most stock holders, hedge funds are viewed as unimportant, outdated investment vehicles of the past. While there are over 8000 funds with their doors open today, we at Insider Monkey hone in on the masters of this group, around 450 funds. Most estimates calculate that this group controls the lion’s share of the hedge fund industry’s total asset base, and by monitoring their highest performing equity investments, we have formulated a few investment strategies that have historically outstripped Mr. Market. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have topped the S&P 500 index by 23.3 percentage points in 8 months (explore the details and some picks here).

Just as key, bullish insider trading activity is a second way to break down the marketplace. Obviously, there are lots of incentives for a corporate insider to cut shares of his or her company, but only one, very obvious reason why they would initiate a purchase. Various academic studies have demonstrated the useful potential of this tactic if you know where to look (learn more here).

Now, we’re going to take a look at the key action regarding Apogee Enterprises, Inc. (NASDAQ:APOG).

How have hedgies been trading Apogee Enterprises, Inc. (NASDAQ:APOG)?

At Q1’s end, a total of 10 of the hedge funds we track were long in this stock, a change of -23% from the first quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were increasing their holdings considerably.

Of the funds we track, Chuck Royce’s Royce & Associates had the biggest position in Apogee Enterprises, Inc. (NASDAQ:APOG), worth close to $44.1 million, comprising 0.1% of its total 13F portfolio. Sitting at the No. 2 spot is AQR Capital Management, managed by Cliff Asness, which held a $8.7 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other hedgies that hold long positions include Jim Simons’s Renaissance Technologies, Richard Driehaus’s Driehaus Capital and D. E. Shaw’s D E Shaw.

Since Apogee Enterprises, Inc. (NASDAQ:APOG) has faced declining sentiment from the aggregate hedge fund industry, it’s easy to see that there exists a select few hedgies that slashed their entire stakes in Q1. Interestingly, Israel Englander’s Millennium Management dropped the largest investment of all the hedgies we key on, valued at close to $2 million in stock.. Neil Chriss’s fund, Hutchin Hill Capital, also sold off its stock, about $0.9 million worth. These bearish behaviors are interesting, as total hedge fund interest was cut by 3 funds in Q1.

What do corporate executives and insiders think about Apogee Enterprises, Inc. (NASDAQ:APOG)?

Bullish insider trading is best served when the company in question has experienced transactions within the past half-year. Over the last six-month time period, Apogee Enterprises, Inc. (NASDAQ:APOG) has experienced zero unique insiders purchasing, and 2 insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to Apogee Enterprises, Inc. (NASDAQ:APOG). These stocks are AAON, Inc. (NASDAQ:AAON), Griffon Corporation (NYSE:GFF), Universal Forest Products, Inc. (NASDAQ:UFPI), Headwaters Inc (NYSE:HW), and Trex Company, Inc. (NYSE:TREX). This group of stocks belong to the general building materials industry and their market caps resemble APOG’s market cap.

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