Atkore (NYSE:ATKR) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Atkore (NYSE:ATKR) 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

In other news, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now directly owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total transaction of $78,835.00. Following the completion of the sale, the insider now directly owns 28,586 shares of the company’s stock, valued at approximately $4,507,154.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Wilbert W. James, Jr. sold 599 shares of Atkore stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the sale, the director now directly owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The disclosure for this sale can be found here. Insiders own 2.56% of the company’s stock.

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.

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.