(Reuters) - Activist investor Engaged Capital on Tuesday disclosed a 6 percent stake in Apogee Enterprises Inc (APOG.O), saying shares of the specialty glass maker were “undervalued” and represents an attractive investment opportunity.
The company’s shares rose about 2 percent to $42.13 in morning trade. The stock had fallen 9.5 percent this year through Monday’s close.
Glenn Welling’s Engaged Capital said it intends to discuss with the company ways to improve capital allocation, improve operations and corporate governance.
Apogee cut its full-year profit and revenue growth forecast in December, citing lower-than-expected volume and pricing.
Reporting by Arunima Banerjee in Bengaluru; Editing by Supriya Kurane