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

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

Atkore Stock Down 2.8 %

Shares of 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 market capitalization of $4.97 billion, a PE ratio of 6.98 and a beta of 2.14. The stock has a fifty day simple moving average of $138.07 and a two-hundred day simple moving average of $141.19. The company has a quick ratio of 1.95, a current ratio of 2.85 and a debt-to-equity ratio of 0.54.

Institutional Trading of Atkore

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning increased its stake in shares of Atkore by 23.7% in 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. increased its position in shares of 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 purchasing an additional 496 shares during the last quarter. Morgan Stanley increased its position in shares of 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 purchasing an additional 35,028 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 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 purchasing an additional 4,926 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of 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 purchasing an additional 430 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ATKR. Citigroup raised their price objective 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 began coverage on shares of Atkore in a research note on Thursday, October 5th. They set a “buy” rating on the stock. B. Riley raised their price objective 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 raised their price objective 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.

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.