Atkore (NYSE:ATKR) Updates Q1 2024 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its first quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of $3.50-$3.70 for the period, compared to the consensus earnings per share estimate of $3.66. The company issued revenue guidance of -. Atkore also updated its FY 2024 guidance to $16.00-$17.00 EPS.

Atkore Trading Down 2.8 %

ATKR opened at $131.41 on Friday. The company has a current ratio of 2.85, a quick ratio of 1.95 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $4.97 billion, a PE ratio of 6.98 and a beta of 2.14. Atkore has a 1-year low of $109.54 and a 1-year high of $164.76. The firm has a 50-day moving average price of $138.07 and a two-hundred day moving average price of $141.09.

Atkore (NYSE:ATKR) last issued its earnings results on Friday, November 17th. The company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.51. The company had revenue of $870.00 million for the quarter, compared to analyst estimates of $910.40 million. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $5.18 EPS. As a group, equities analysts anticipate that Atkore will post 17.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ATKR shares. Citigroup raised their target price on shares of Atkore from $159.00 to $163.00 and gave the company a neutral rating in a research note on Wednesday, August 9th. B. Riley lifted their price objective on shares of Atkore from $161.00 to $186.00 and gave the stock a buy rating in a research note on Thursday, August 10th. StockNews.com assumed coverage on shares of Atkore in a research note on Thursday, October 5th. They set a buy rating on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Atkore from $178.00 to $186.00 and gave the stock an outperform rating in a research note on Wednesday, August 9th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co NY lifted its position 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 worth $287,000 after purchasing an additional 81 shares in the last quarter. Quarry LP lifted its position in shares of Atkore by 72.4% in the second quarter. Quarry LP now owns 200 shares of the company’s stock worth $31,000 after purchasing an additional 84 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Atkore by 2.0% in the first quarter. Commonwealth Equity Services LLC now owns 4,656 shares of the company’s stock worth $654,000 after purchasing an additional 91 shares in the last quarter. Dana Investment Advisors Inc. lifted its position in shares of Atkore by 0.8% in the second quarter. Dana Investment Advisors Inc. now owns 13,858 shares of the company’s stock worth $2,161,000 after purchasing an additional 105 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Atkore by 5.7% during the first quarter. Public Employees Retirement System of Ohio now owns 2,260 shares of the company’s stock worth $317,000 after acquiring an additional 122 shares in the last quarter.

Atkore Company Profile

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.