Atkore (NYSE:ATKR – Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.28, Briefing.com reports. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The business had revenue of $822.40 million for the quarter, compared to analyst estimates of $830.16 million. During the same quarter in the prior year, the firm posted $5.13 earnings per share. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. Atkore updated its FY24 guidance to $14.30-14.52 EPS and its FY 2024 guidance to 14.300-14.520 EPS.
Atkore Stock Performance
Shares of ATKR traded down $4.69 during mid-day trading on Wednesday, reaching $96.36. The company’s stock had a trading volume of 2,217,488 shares, compared to its average volume of 574,706. Atkore has a 1-year low of $95.69 and a 1-year high of $194.98. The stock has a market cap of $3.51 billion, a P/E ratio of 6.01 and a beta of 2.15. The business has a 50-day simple moving average of $137.22 and a two-hundred day simple moving average of $155.47. The company has a current ratio of 3.09, a quick ratio of 1.98 and a debt-to-equity ratio of 0.49.
Atkore Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.33%. Atkore’s payout ratio is 7.98%.
Insider Activity
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. B. Riley cut their target price on Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com downgraded Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Citigroup decreased their price target on Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. KeyCorp decreased their price target on Atkore from $175.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Royal Bank of Canada downgraded Atkore from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $175.00 to $100.00 in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $137.00.
Read Our Latest Stock Analysis on ATKR
Atkore Company Profile
Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.
Read More
- Five stocks we like better than Atkore
- Industrial Products Stocks Investing
- What Are Bonds? A High-Level Overview
- What Does a Stock Split Mean?
- Super Micro Stock Drops Sharply After Earnings on Margin Concerns
- What is the S&P/TSX Index?
- Lyft’s First-Ever Profit, but the Outlook Is a Speed Bump
Receive News & Ratings for Atkore Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atkore and related companies with MarketBeat.com's FREE daily email newsletter.