Atkore (NYSE:ATKR) Releases FY 2024 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 14.300-14.520 for the period, compared to the consensus estimate of 16.560. The company issued revenue guidance of -. Atkore also updated its FY24 guidance to $14.30-14.52 EPS.

Atkore Stock Down 0.4 %

NYSE ATKR traded down $0.36 on Friday, hitting $94.88. 1,050,716 shares of the stock traded hands, compared to its average volume of 591,124. The stock has a 50-day moving average of $135.01 and a 200 day moving average of $154.64. Atkore has a twelve month low of $93.41 and a twelve month high of $194.98. The company has a market capitalization of $3.46 billion, a P/E ratio of 5.91 and a beta of 2.15. The company has a current ratio of 3.09, a quick ratio of 1.98 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.28. The business had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The business’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $5.13 EPS. As a group, analysts expect that Atkore will post 14.93 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Tuesday, August 20th. Atkore’s payout ratio is 7.98%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ATKR. Royal Bank of Canada cut Atkore from an outperform rating to a sector perform rating and dropped their price target for the stock from $175.00 to $100.00 in a research report on Wednesday. StockNews.com lowered Atkore from a buy rating to a hold rating in a research note on Wednesday, May 8th. Citigroup decreased their price target on Atkore from $200.00 to $188.00 and set a neutral rating for the company in a research note on Wednesday, May 8th. B. Riley decreased their price target on Atkore from $183.00 to $135.00 and set a buy rating for the company in a research note on Wednesday. Finally, KeyCorp decreased their price target on Atkore from $175.00 to $125.00 and set an overweight rating for the company in a research note on Wednesday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Atkore presently has a consensus rating of Hold and a consensus price target of $137.00.

Insider Activity

In other news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total transaction of $78,835.00. Following the completion of the sale, the insider now owns 28,586 shares in the company, valued at approximately $4,507,154.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total value of $78,835.00. Following the completion of the sale, the insider now owns 28,586 shares in the company, valued at $4,507,154.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now owns 15,695 shares of the company’s stock, valued at approximately $2,404,944.85. The disclosure for this sale can be found here. Insiders own 2.56% of the company’s stock.

Atkore Company Profile

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.