Atkore (NYSE:ATKR) Issues Q1 Earnings Guidance

Atkore (NYSE:ATKR) updated its first quarter earnings guidance on Friday. The company provided earnings per share guidance of $3.50-3.70 for the period, compared to the consensus earnings per share estimate of $4.00. Atkore also updated its FY 2024 guidance to $16.00-$17.00 EPS.

Atkore Trading Down 0.7 %

Shares of ATKR stock opened at $135.23 on Friday. The company has a market cap of $5.11 billion, a PE ratio of 7.19 and a beta of 2.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.95 and a current ratio of 2.85. The stock’s fifty day moving average price is $138.46 and its two-hundred day moving average price is $141.05. Atkore has a fifty-two week low of $99.78 and a fifty-two week high of $164.76.

Wall Street Analyst Weigh In

ATKR has been the topic of a number of recent analyst reports. B. Riley increased their price objective on Atkore from $161.00 to $186.00 and gave the stock a buy rating in a research report on Thursday, August 10th. Citigroup upped their price target on Atkore from $159.00 to $163.00 and gave the stock a neutral rating in a research note on Wednesday, August 9th. Royal Bank of Canada raised their price target on shares of Atkore from $178.00 to $186.00 and gave the company an outperform rating in a report on Wednesday, August 9th. Finally, StockNews.com began coverage on Atkore in a research note on Thursday, October 5th. They set a buy rating for the company.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Metropolitan Life Insurance Co NY lifted its holdings in shares of Atkore by 3.3% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 2,531 shares of the company’s stock valued at $287,000 after purchasing an additional 81 shares in the last quarter. Quarry LP lifted its position in Atkore by 72.4% during the second quarter. Quarry LP now owns 200 shares of the company’s stock worth $31,000 after buying an additional 84 shares during the period. Commonwealth Equity Services LLC boosted its stake in Atkore by 2.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 4,656 shares of the company’s stock worth $654,000 after buying an additional 91 shares during the last quarter. Dana Investment Advisors Inc. grew its holdings in Atkore by 0.8% in the second quarter. Dana Investment Advisors Inc. now owns 13,858 shares of the company’s stock valued at $2,161,000 after purchasing an additional 105 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Atkore by 5.7% during the 1st quarter. Public Employees Retirement System of Ohio now owns 2,260 shares of the company’s stock worth $317,000 after buying an additional 122 shares during the last quarter.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, safety, and infrastructure products in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures safety and infrastructure solutions, such as metal framing, mechanical pipe, perimeter security, and cable management.