Atkore (NYSE:ATKR) Updates FY 2024 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 14.300-14.520 for the period, compared to the consensus earnings per share estimate of 16.560. The company issued revenue guidance of -. Atkore also updated its FY24 guidance to $14.30-14.52 EPS.

Atkore Stock Down 0.4 %

ATKR traded down $0.36 during trading on Friday, hitting $94.88. The company had a trading volume of 1,050,716 shares, compared to its average volume of 591,124. The company has a market capitalization of $3.46 billion, a PE ratio of 5.91 and a beta of 2.15. Atkore has a one year low of $93.41 and a one year high of $194.98. The firm’s 50-day moving average price is $135.01 and its 200 day moving average price is $154.64. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, beating the consensus estimate of $3.52 by $0.28. The business had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm’s revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.13 EPS. As a group, equities analysts expect that Atkore will post 14.93 earnings per share for the current year.

Atkore Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.35%. Atkore’s dividend payout ratio (DPR) is presently 7.98%.

Wall Street Analyst Weigh In

ATKR has been the topic of several analyst reports. Royal Bank of Canada cut shares of Atkore from an outperform rating to a sector perform rating and cut their price target for the stock from $175.00 to $100.00 in a research report on Wednesday. KeyCorp cut their price target on shares of Atkore from $175.00 to $125.00 and set an overweight rating on the stock in a research report on Wednesday. B. Riley cut their price target on shares of Atkore from $183.00 to $135.00 and set a buy rating on the stock in a research report on Wednesday. Citigroup cut their price target on shares of Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a research report on Wednesday, May 8th. Finally, StockNews.com cut shares of Atkore from a buy rating to a hold rating in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $137.00.

Insider Activity

In other news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total value of $78,835.00. Following the sale, the insider now directly owns 28,586 shares of the company’s stock, valued at approximately $4,507,154.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Wilbert W. James, Jr. sold 599 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the transaction, the director now owns 15,695 shares in the company, valued at approximately $2,404,944.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total transaction of $78,835.00. Following the transaction, the insider now owns 28,586 shares in the company, valued at approximately $4,507,154.62. The disclosure for this sale can be found here. 2.56% of the stock is owned by 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.