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

Atkore (NYSE:ATKR) issued its quarterly earnings data on Friday. The company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.70 by $0.51, MarketWatch Earnings reports. The firm had revenue of $870.00 million during the quarter, compared to the consensus estimate of $910.40 million. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.18 earnings per share.

Atkore Stock Down 2.8 %

ATKR traded down $3.82 during midday trading on Friday, reaching $131.41. The company’s stock had a trading volume of 1,771,992 shares, compared to its average volume of 419,919. 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. Atkore has a 1 year low of $109.54 and a 1 year high of $164.76. The stock’s 50-day moving average is $138.07 and its 200-day moving average is $141.19.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Atkore

Institutional investors have recently made changes to their positions in the company. Quarry LP grew its holdings in shares of Atkore by 72.4% during the second quarter. Quarry LP now owns 200 shares of the company’s stock valued at $31,000 after buying an additional 84 shares during the last quarter. Captrust Financial Advisors lifted its position in Atkore by 85.6% during the second quarter. Captrust Financial Advisors now owns 607 shares of the company’s stock valued at $50,000 after purchasing an additional 280 shares during the period. Point72 Middle East FZE bought a new position in Atkore during the fourth quarter valued at approximately $51,000. 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 purchasing an additional 496 shares during the period. Finally, Benjamin Edwards Inc. lifted its position in Atkore by 93.3% during the second quarter. Benjamin Edwards Inc. now owns 516 shares of the company’s stock valued at $80,000 after purchasing an additional 249 shares during the period.

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.