Atkore (NYSE:ATKR) Releases FY 2024 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 16.000-17.000 for the period, compared to the consensus estimate of 16.930. The company issued revenue guidance of -.

Atkore Price Performance

ATKR stock traded up $2.13 during mid-day trading on Wednesday, hitting $156.47. The stock had a trading volume of 357,835 shares, compared to its average volume of 476,078. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51. Atkore has a 52 week low of $116.14 and a 52 week high of $194.98. The firm has a market capitalization of $5.75 billion, a P/E ratio of 9.43 and a beta of 2.19. The firm has a fifty day simple moving average of $176.72 and a 200 day simple moving average of $155.41.

Atkore (NYSE:ATKR) last released its earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. Atkore had a net margin of 18.80% and a return on equity of 46.79%. The firm had revenue of $792.90 million for the quarter, compared to analyst estimates of $808.22 million. During the same period last year, the firm earned $4.31 EPS. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, research analysts forecast that Atkore will post 15.06 EPS for the current year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Tuesday, May 21st will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Monday, May 20th. Atkore’s dividend payout ratio (DPR) is presently 7.67%.

Analyst Upgrades and Downgrades

ATKR has been the topic of several research reports. Royal Bank of Canada reaffirmed an outperform rating and set a $187.00 price target on shares of Atkore in a report on Friday, March 22nd. StockNews.com raised shares of Atkore from a hold rating to a buy rating in a report on Friday, April 5th. Finally, Citigroup boosted their target price on shares of Atkore from $176.00 to $200.00 and gave the stock a neutral rating in a report on Monday, April 8th.

Insider Activity

In other news, CEO William E. Jr. Waltz sold 50,000 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $173.85, for a total value of $8,692,500.00. Following the sale, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at approximately $14,554,026.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William E. Jr. Waltz sold 50,000 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $173.85, for a total transaction of $8,692,500.00. Following the transaction, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at $14,554,026.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Leangela W. Lowe sold 6,500 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the transaction, the vice president now directly owns 25,590 shares in the company, valued at $4,505,631.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,464 shares of company stock valued at $25,124,751. 2.56% of the stock is currently owned by insiders.

About Atkore

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.