Atkore (NYSE:ATKR) Issues Quarterly Earnings Results

Atkore (NYSE:ATKR) announced its quarterly earnings data on Monday. The company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86, Briefing.com reports. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The firm had revenue of $792.90 million during the quarter, compared to analysts’ expectations of $808.22 million. During the same quarter last year, the firm posted $4.31 earnings per share. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year.

Atkore Trading Up 2.0 %

Shares of ATKR traded up $3.06 during mid-day trading on Wednesday, hitting $157.40. 424,306 shares of the company’s stock traded hands, compared to its average volume of 476,921. Atkore has a 1 year low of $116.14 and a 1 year high of $194.98. The firm has a market capitalization of $5.79 billion, a P/E ratio of 9.43 and a beta of 2.19. The business’s 50-day moving average price is $176.72 and its 200-day moving average price is $155.41. The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.51.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Monday, May 20th. Atkore’s dividend payout ratio (DPR) is presently 7.67%.

Insider Buying and Selling

In related news, insider John W. Pregenzer sold 6,548 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the sale, the insider now directly owns 30,430 shares of the company’s stock, valued at approximately $4,822,850.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Atkore news, insider John W. Pregenzer sold 6,548 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the sale, the insider now directly owns 30,430 shares in the company, valued at approximately $4,822,850.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Daniel S. Kelly sold 8,685 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.07, for a total value of $1,503,112.95. Following the completion of the transaction, the vice president now owns 34,907 shares of the company’s stock, valued at approximately $6,041,354.49. The disclosure for this sale can be found here. Insiders sold a total of 148,464 shares of company stock worth $25,124,751 in the last three months. 2.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ATKR has been the topic of a number of recent analyst reports. StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Citigroup upped their price objective on Atkore from $176.00 to $200.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $187.00 target price on shares of Atkore in a research note on Friday, March 22nd.

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.