Atkore (NYSE:ATKR) Issues Quarterly Earnings Results

Atkore (NYSE:ATKR) released its quarterly earnings data 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. The company had revenue of $870.00 million during the quarter, compared to analysts’ expectations of $910.40 million. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The firm’s quarterly revenue was down 15.5% on a year-over-year basis. During the same period in the previous year, the company earned $5.18 EPS.

Atkore Stock Down 2.8 %

Shares of ATKR traded down $3.82 during mid-day trading on Friday, hitting $131.41. The company’s stock had a trading volume of 1,771,992 shares, compared to its average volume of 419,919. The company’s 50-day moving average is $138.07 and its 200-day moving average is $141.19. Atkore has a 52-week low of $109.54 and a 52-week high of $164.76. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 6.98 and a beta of 2.14. The company has a current ratio of 2.85, a quick ratio of 1.95 and a debt-to-equity ratio of 0.54.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Atkore in a research report on Thursday, October 5th. They issued a “buy” rating for the company. 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 research 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 research report on Thursday, August 10th. Finally, Citigroup upped their price target on shares of Atkore from $159.00 to $163.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th.

Institutional Investors Weigh In On Atkore

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning lifted its position in Atkore by 23.7% during the third quarter. Creative Planning now owns 3,345 shares of the company’s stock valued at $499,000 after acquiring an additional 640 shares during the last quarter. Harbour Investments Inc. lifted its position in Atkore by 12,400.0% during the third quarter. Harbour Investments Inc. now owns 500 shares of the company’s stock valued at $75,000 after acquiring an additional 496 shares during the last quarter. Morgan Stanley lifted its position in Atkore by 12.6% during the third quarter. Morgan Stanley now owns 312,667 shares of the company’s stock valued at $46,647,000 after acquiring an additional 35,028 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Atkore by 30.6% during the third quarter. The Manufacturers Life Insurance Company now owns 21,004 shares of the company’s stock valued at $3,134,000 after acquiring an additional 4,926 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Atkore by 0.6% during the third quarter. Legal & General Group Plc now owns 75,321 shares of the company’s stock valued at $11,237,000 after acquiring an additional 430 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.