Atkore (NYSE:ATKR) Issues FY 2022 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $9.200-$10.000 for the period, compared to the Thomson Reuters consensus EPS estimate of $7.290. The company issued revenue guidance of -.Atkore also updated its Q1 2022 guidance to $3.300-$3.600 EPS.

Atkore stock traded up $2.93 during mid-day trading on Thursday, hitting $113.01. The company’s stock had a trading volume of 347,704 shares, compared to its average volume of 464,549. The company has a 50 day moving average of $95.88 and a 200-day moving average of $85.09. The stock has a market cap of $5.21 billion, a PE ratio of 9.24 and a beta of 2.48. The company has a debt-to-equity ratio of 0.88, a quick ratio of 2.16 and a current ratio of 2.71. Atkore has a one year low of $38.75 and a one year high of $118.49.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Thursday, November 18th. The company reported $4.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.84 by $0.55. The company had revenue of $923.70 million for the quarter, compared to the consensus estimate of $839.38 million. Atkore had a return on equity of 92.24% and a net margin of 20.08%. Atkore’s quarterly revenue was up 93.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 EPS.

Several equities research analysts have weighed in on the company. Credit Suisse Group upped their target price on Atkore from $107.00 to $121.00 and gave the stock an outperform rating in a report on Friday, November 19th. Citigroup upped their target price on Atkore from $102.00 to $123.00 and gave the stock a neutral rating in a report on Friday, November 19th. Finally, Royal Bank of Canada upped their target price on Atkore from $99.00 to $129.00 and gave the stock an outperform rating in a report on Friday, November 19th. They noted that the move was a valuation call.

An institutional investor recently raised its position in Atkore stock. Morgan Stanley increased its stake in shares of Atkore Inc. (NYSE:ATKR) by 3,104.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 300,240 shares of the company’s stock after purchasing an additional 290,871 shares during the quarter. Morgan Stanley owned approximately 0.65% of Atkore worth $21,317,000 as of its most recent SEC filing. Institutional investors and hedge funds own 94.09% of the company’s stock.

Atkore Company Profile

Atkore, Inc engages in the manufacture of electrical raceway products. It operates through the Electrical, and Safety and Infrastructure segments. The Electrical segment produces products used in the construction of electrical power systems such as conduit, cable, and installation accessories. The Safety and Infrastructure segment designs and creates solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure.

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