Atkore (NYSE:ATKR) Releases Earnings Results, Beats Expectations By $0.51 EPS

Atkore (NYSE:ATKR) announced its quarterly earnings results on Friday. The company reported $4.21 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 59.21% and a net margin of 20.93%. Atkore’s revenue was down 15.5% on a year-over-year basis. During the same period in the prior year, the business posted $5.18 EPS.

Atkore Price Performance

NYSE ATKR opened at $131.41 on Friday. Atkore has a 52-week low of $109.54 and a 52-week high of $164.76. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.95 and a current ratio of 2.85. The business has a 50 day simple moving average of $138.07 and a 200 day simple 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ATKR. Royal Bank of Canada upped their price target on Atkore from $178.00 to $186.00 and gave the company an “outperform” rating in a research note on Wednesday, August 9th. Citigroup increased their target price on Atkore from $159.00 to $163.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. B. Riley increased their target price on Atkore from $161.00 to $186.00 and gave the stock a “buy” rating in a research note on Thursday, August 10th. Finally, StockNews.com started coverage on Atkore in a research note on Thursday, October 5th. They set a “buy” rating for the company.

Hedge Funds Weigh In On Atkore

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