Atkore (NYSE:ATKR) Releases FY24 Earnings Guidance

Atkore (NYSE:ATKR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $16.00-17.00 for the period, compared to the consensus estimate of $17.01.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. StockNews.com cut Atkore from a buy rating to a hold rating in a report on Wednesday. Citigroup lowered their target price on Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a report on Wednesday. Finally, Royal Bank of Canada restated an outperform rating and set a $187.00 target price on shares of Atkore in a report on Friday, March 22nd.

Atkore Trading Up 1.5 %

ATKR traded up $2.32 during trading hours on Thursday, reaching $159.95. The company’s stock had a trading volume of 601,705 shares, compared to its average volume of 484,187. Atkore has a fifty-two week low of $116.14 and a fifty-two week high of $194.98. The stock has a market cap of $5.88 billion, a PE ratio of 9.89 and a beta of 2.19. The business’s 50-day moving average is $176.60 and its 200-day moving average is $155.43. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The firm had revenue of $792.90 million for the quarter, compared to analysts’ expectations of $808.22 million. During the same period in the prior year, the firm posted $4.31 earnings per share. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, equities research analysts predict that Atkore will post 15.06 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Tuesday, May 21st will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Monday, May 20th. Atkore’s dividend payout ratio is presently 7.98%.

Insider Buying and Selling at Atkore

In other Atkore news, CEO William E. Jr. Waltz sold 43,072 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $160.48, for a total value of $6,912,194.56. Following the sale, the chief executive officer now owns 83,716 shares of the company’s stock, valued at $13,434,743.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Atkore news, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total value of $1,144,455.00. Following the sale, the vice president now owns 25,590 shares of the company’s stock, valued at $4,505,631.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William E. Jr. Waltz sold 43,072 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $160.48, for a total value of $6,912,194.56. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares in the company, valued at approximately $13,434,743.68. The disclosure for this sale can be found here. Insiders have sold a total of 148,464 shares of company stock valued at $25,124,751 over the last quarter. 2.56% of the stock is owned by company insiders.

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.