Atkore (NYSE:ATKR) Releases FY24 Earnings Guidance

Atkore (NYSE:ATKR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $14.30-14.52 for the period, compared to the consensus estimate of $16.56. Atkore also updated its FY 2024 guidance to 14.300-14.520 EPS.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank of Canada lowered shares of Atkore from an outperform rating to a sector perform rating and cut their price target for the stock from $175.00 to $100.00 in a report on Wednesday. StockNews.com lowered shares of Atkore from a buy rating to a hold rating in a report on Wednesday, May 8th. KeyCorp cut their price target on shares of Atkore from $175.00 to $125.00 and set an overweight rating on the stock in a report on Wednesday. B. Riley cut their price target on shares of Atkore from $183.00 to $135.00 and set a buy rating on the stock in a report on Wednesday. Finally, Citigroup cut their price target on shares of Atkore from $200.00 to $188.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $137.00.

Atkore Price Performance

Shares of ATKR opened at $96.36 on Thursday. The firm has a market capitalization of $3.51 billion, a PE ratio of 6.01 and a beta of 2.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.09 and a quick ratio of 1.98. Atkore has a 1-year low of $95.69 and a 1-year high of $194.98. The company’s fifty day moving average price is $137.22 and its 200-day moving average price is $155.47.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, beating analysts’ consensus estimates of $3.52 by $0.28. The firm had revenue of $822.40 million for the quarter, compared to analyst estimates of $830.16 million. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $5.13 earnings per share. On average, equities research analysts predict that Atkore will post 14.93 EPS for the current year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Tuesday, August 20th. Atkore’s dividend payout ratio (DPR) is presently 7.98%.

Insider Buying and Selling at Atkore

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

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.