Atkore (NYSE:ATKR) Updates FY24 Earnings Guidance

Atkore (NYSE:ATKR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $16.00-17.00 for the period, compared to the consensus earnings per share estimate of $17.01.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup reduced their target price on shares of Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a report on Wednesday. Royal Bank of Canada reaffirmed an outperform rating and set a $187.00 price target on shares of Atkore in a research note on Friday, March 22nd. Finally, StockNews.com downgraded shares of Atkore from a buy rating to a hold rating in a research note on Wednesday.

Atkore Stock Up 1.5 %

Atkore stock traded up $2.32 during midday trading on Thursday, hitting $159.95. 601,705 shares of the stock were exchanged, compared to its average volume of 484,187. Atkore has a 1 year low of $116.14 and a 1 year high of $194.98. The firm has a market cap of $5.88 billion, a P/E ratio of 9.89 and a beta of 2.19. 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 50 day moving average price of $176.60 and a two-hundred day moving average price of $155.43.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $792.90 million for the quarter, compared to the consensus estimate of $808.22 million. During the same quarter in the previous year, the firm posted $4.31 EPS. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. On average, sell-side analysts predict that Atkore will post 15.06 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The business also recently announced 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. This represents a $1.28 annualized dividend and a dividend yield of 0.80%. The ex-dividend date is Monday, May 20th. Atkore’s payout ratio is currently 7.98%.

Insider Transactions at Atkore

In other news, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $176.07, for a total value of $1,144,455.00. Following the completion of the sale, the vice president now owns 25,590 shares of the company’s stock, valued at approximately $4,505,631.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now owns 25,590 shares of the company’s stock, valued at approximately $4,505,631.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justin A. Kershaw sold 1,099 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.77, for a total transaction of $188,775.23. Following the sale, the director now directly owns 16,686 shares of the company’s stock, valued at approximately $2,866,154.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,464 shares of company stock valued at $25,124,751. Insiders own 2.56% of the company’s stock.

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.