Atkore (NYSE:ATKR) Announces Earnings Results, Beats Estimates By $0.51 EPS

Atkore (NYSE:ATKR) announced its earnings results on Friday. The company reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.70 by $0.51, MarketWatch Earnings reports. The firm had revenue of $870.00 million during 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%. Atkore’s revenue was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.18 EPS.

Atkore Stock Performance

Shares of ATKR opened at $131.41 on Friday. Atkore has a one year low of $109.54 and a one year high of $164.76. The company has a 50-day moving average of $138.07 and a two-hundred day moving average of $141.19. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 6.98 and a beta of 2.14. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.85 and a quick ratio of 1.95.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Atkore by 72.4% during the second quarter. Quarry LP now owns 200 shares of the company’s stock worth $31,000 after purchasing an additional 84 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Atkore by 85.6% during the second quarter. Captrust Financial Advisors now owns 607 shares of the company’s stock worth $50,000 after purchasing an additional 280 shares during the period. Point72 Middle East FZE acquired a new stake in shares of Atkore during the fourth quarter worth approximately $51,000. Harbour Investments Inc. boosted its holdings in shares of Atkore by 12,400.0% during the third quarter. Harbour Investments Inc. now owns 500 shares of the company’s stock worth $75,000 after purchasing an additional 496 shares during the period. Finally, Benjamin Edwards Inc. boosted its holdings in shares of Atkore by 93.3% during the second quarter. Benjamin Edwards Inc. now owns 516 shares of the company’s stock worth $80,000 after purchasing an additional 249 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. B. Riley raised their price objective on shares of Atkore from $161.00 to $186.00 and gave the company a “buy” rating in a research report on Thursday, August 10th. StockNews.com assumed coverage on shares of Atkore in a research report on Thursday, October 5th. They set a “buy” rating for the company. Citigroup raised their price objective 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, Royal Bank of Canada raised their price objective on shares of Atkore from $178.00 to $186.00 and gave the company an “outperform” rating in a research report on Wednesday, August 9th.

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.