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

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

Atkore Stock Down 2.8 %

Atkore stock opened at $131.41 on Friday. The stock has a market cap 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. The company’s 50-day moving average price is $138.46 and its two-hundred day moving average price is $141.05. Atkore has a 52 week low of $109.54 and a 52 week high of $164.76.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY grew its stake in shares of Atkore by 3.3% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 2,531 shares of the company’s stock worth $287,000 after purchasing an additional 81 shares during the last quarter. Quarry LP grew its stake in shares of Atkore by 72.4% in the 2nd quarter. Quarry LP now owns 200 shares of the company’s stock worth $31,000 after purchasing an additional 84 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Atkore by 2.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 4,656 shares of the company’s stock worth $654,000 after purchasing an additional 91 shares during the last quarter. Dana Investment Advisors Inc. grew its stake in shares of Atkore by 0.8% in the 2nd quarter. Dana Investment Advisors Inc. now owns 13,858 shares of the company’s stock worth $2,161,000 after purchasing an additional 105 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Atkore by 5.7% in the 1st quarter. Public Employees Retirement System of Ohio now owns 2,260 shares of the company’s stock worth $317,000 after purchasing an additional 122 shares during the last quarter.

Analyst Upgrades and Downgrades

ATKR has been the topic of several recent research reports. B. Riley lifted their price objective on shares of Atkore from $161.00 to $186.00 and gave the company a “buy” rating in a research report on Thursday, August 10th. StockNews.com initiated coverage on shares of Atkore in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Citigroup lifted their price objective on shares of Atkore from $159.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, August 9th. Finally, Royal Bank of Canada lifted their price objective on shares of Atkore from $178.00 to $186.00 and gave the company an “outperform” rating in a research report on Wednesday, August 9th.

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.