Atkore (NYSE:ATKR) Announces Earnings Results, Beats Estimates By $0.19 EPS

Atkore (NYSE:ATKR) issued its quarterly earnings data on Monday. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.64 by $0.19, FiscalAI reports. Atkore had a negative net margin of 0.53% and a positive return on equity of 12.98%. The business had revenue of $655.55 million during the quarter, compared to analyst estimates of $650.09 million.

Atkore Stock Performance

ATKR opened at $70.10 on Tuesday. The company’s 50 day moving average is $66.90 and its 200 day moving average is $65.08. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.54. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -134.81 and a beta of 1.60. Atkore has a 12-month low of $49.92 and a 12-month high of $82.28.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 17th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, February 17th. This represents a $1.32 dividend on an annualized basis and a yield of 1.9%. Atkore’s dividend payout ratio is -253.85%.

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $64.75, for a total transaction of $64,750.00. Following the sale, the insider directly owned 29,923 shares in the company, valued at $1,937,514.25. This trade represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atkore

Large investors have recently made changes to their positions in the company. Kestra Investment Management LLC grew its stake in shares of Atkore by 710.9% in the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after buying an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Atkore by 1,263.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after acquiring an additional 480 shares in the last quarter. Strs Ohio bought a new stake in Atkore during the first quarter worth approximately $36,000. Jones Financial Companies Lllp lifted its position in Atkore by 61.8% in the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after buying an additional 246 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new position in Atkore during the third quarter worth $80,000.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Atkore in a research report on Monday, December 29th. KeyCorp restated a “sector weight” rating on shares of Atkore in a report on Friday, November 14th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $64.00 target price on shares of Atkore in a report on Thursday, January 15th. CJS Securities raised Atkore to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Citigroup cut their price target on Atkore from $66.00 to $64.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Atkore currently has a consensus rating of “Hold” and an average target price of $68.80.

About Atkore

Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.