Atkore (NYSE:ATKR) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on ATKR shares. Citigroup dropped their price objective on Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a research note on Wednesday. StockNews.com raised shares of Atkore from a hold rating to a buy rating in a research report on Friday, April 5th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $187.00 price objective on shares of Atkore in a research report on Friday, March 22nd.

Atkore Stock Performance

NYSE ATKR traded up $3.35 on Wednesday, reaching $157.69. The stock had a trading volume of 995,265 shares, compared to its average volume of 483,466. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. The company has a market cap of $5.80 billion, a P/E ratio of 9.45 and a beta of 2.19. The firm has a fifty day moving average of $176.60 and a two-hundred day moving average of $155.43. Atkore has a 1-year low of $116.14 and a 1-year high of $194.98.

Atkore (NYSE:ATKR) last released its quarterly 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 business had revenue of $792.90 million for the quarter, compared to the consensus estimate of $808.22 million. During the same period in the prior year, the company posted $4.31 earnings per share. Atkore’s revenue was down 11.5% compared to the same quarter last year. On average, equities research analysts anticipate that Atkore will post 15.06 EPS for the current year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be given a $0.32 dividend. The ex-dividend date is Monday, May 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.81%. Atkore’s payout ratio is 7.67%.

Insider Buying and Selling

In related news, VP Daniel S. Kelly sold 8,685 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.07, for a total value of $1,503,112.95. Following the completion of the transaction, the vice president now owns 34,907 shares of the company’s stock, valued at $6,041,354.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Daniel S. Kelly sold 8,685 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.07, for a total transaction of $1,503,112.95. Following the sale, the vice president now owns 34,907 shares in the company, valued at approximately $6,041,354.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the transaction, the vice president now owns 25,590 shares of the company’s stock, valued at $4,505,631.30. The disclosure for this sale can be found here. Insiders have sold 148,464 shares of company stock valued at $25,124,751 over the last 90 days. 2.56% of the stock is owned by corporate 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.