Atkore (NYSE:ATKR) Posts Earnings Results, Beats Expectations By $0.51 EPS

Atkore (NYSE:ATKR) issued its quarterly earnings results on Friday. The company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.51, MarketWatch Earnings reports. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The firm had revenue of $870.00 million for the quarter, compared to analyst estimates of $910.40 million. During the same period in the previous year, the business earned $5.18 EPS. The company’s revenue was down 15.5% compared to the same quarter last year.

Atkore Price Performance

ATKR stock opened at $121.61 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.85 and a quick ratio of 1.95. Atkore has a 1 year low of $109.54 and a 1 year high of $164.76. The company has a 50 day simple moving average of $138.46 and a 200 day simple moving average of $141.05. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 7.19 and a beta of 2.14.

Analysts Set New Price Targets

ATKR has been the subject of a number of recent research reports. Royal Bank of Canada boosted their price objective on shares of Atkore from $178.00 to $186.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. B. Riley boosted their price objective on shares of Atkore from $161.00 to $186.00 and gave the company a “buy” rating in a report on Thursday, August 10th. Citigroup boosted their target price on shares of Atkore from $159.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, August 9th. Finally, StockNews.com assumed coverage on shares of Atkore in a research report on Thursday, October 5th. They issued a “buy” rating for the company.

Hedge Funds Weigh In On Atkore

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in Atkore by 2.2% during the first quarter. State Street Corp now owns 950,244 shares of the company’s stock worth $93,542,000 after acquiring an additional 20,685 shares in the last quarter. Invesco Ltd. boosted its stake in Atkore by 17.8% during the first quarter. Invesco Ltd. now owns 713,859 shares of the company’s stock worth $70,272,000 after acquiring an additional 108,075 shares in the last quarter. Federated Hermes Inc. boosted its stake in Atkore by 5.3% during the first quarter. Federated Hermes Inc. now owns 706,986 shares of the company’s stock worth $69,596,000 after acquiring an additional 35,688 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Atkore by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 615,620 shares of the company’s stock valued at $69,824,000 after buying an additional 2,392 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Atkore by 1.2% during the second quarter. Nuveen Asset Management LLC now owns 540,194 shares of the company’s stock valued at $84,238,000 after buying an additional 6,457 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.