Atkore (NYSE:ATKR) Issues FY24 Earnings Guidance

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on ATKR shares. StockNews.com raised Atkore from a hold rating to a buy rating in a research note on Friday, April 5th. Citigroup lowered their target price on Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a report on Wednesday. Finally, Royal Bank of Canada restated an outperform rating and set a $187.00 price objective on shares of Atkore in a research report on Friday, March 22nd.

Atkore Trading Up 2.2 %

ATKR traded up $3.35 during midday trading on Wednesday, hitting $157.69. The company’s stock had a trading volume of 995,265 shares, compared to its average volume of 483,466. Atkore has a 52-week low of $116.14 and a 52-week high of $194.98. The firm has a 50-day moving average price of $176.60 and a two-hundred day moving average price of $155.43. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51. The firm has a market cap of $5.80 billion, a P/E ratio of 9.45 and a beta of 2.19.

Atkore (NYSE:ATKR) last released its earnings results on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86. The firm had revenue of $792.90 million during the quarter, compared to the consensus estimate of $808.22 million. Atkore had a net margin of 18.80% and a return on equity of 46.79%. Atkore’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.31 earnings per share. On average, research analysts anticipate that Atkore will post 15.06 earnings per share for the current year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors 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 0.81%. The ex-dividend date of this dividend is Monday, May 20th. Atkore’s dividend payout ratio (DPR) is currently 7.67%.

Insider Buying and Selling at Atkore

In other news, CEO William E. Jr. Waltz sold 43,072 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $160.48, for a total value of $6,912,194.56. Following the completion of the sale, the chief executive officer now owns 83,716 shares in the company, valued at $13,434,743.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO William E. Jr. Waltz sold 43,072 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares in the company, valued at $13,434,743.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $176.07, for a total value of $1,144,455.00. Following the completion of the transaction, the vice president now owns 25,590 shares in the company, valued at approximately $4,505,631.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,464 shares of company stock valued at $25,124,751. Company 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.