Atkore (NYSE:ATKR) Updates Q1 2022 Earnings Guidance

Atkore (NYSE:ATKR) issued an update on its first quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.300-$3.600 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.740. The company issued revenue guidance of -.Atkore also updated its FY 2022 guidance to $9.200-$10.000 EPS.

Shares of NYSE ATKR traded up $2.93 during mid-day trading on Thursday, reaching $113.01. 347,704 shares of the company traded hands, compared to its average volume of 464,549. Atkore has a fifty-two week low of $38.75 and a fifty-two week high of $118.49. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.71 and a quick ratio of 2.16. The firm has a market cap of $5.21 billion, a PE ratio of 9.24 and a beta of 2.48. The stock has a fifty day simple moving average of $95.88 and a 200-day simple moving average of $85.09.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Thursday, November 18th. The company reported $4.39 EPS for the quarter, beating the Zacks’ consensus estimate of $3.84 by $0.55. Atkore had a net margin of 20.08% and a return on equity of 92.24%. The business had revenue of $923.70 million for the quarter, compared to analyst estimates of $839.38 million. During the same quarter last year, the business earned $1.01 earnings per share. The business’s revenue for the quarter was up 93.5% on a year-over-year basis.

ATKR has been the subject of a number of recent analyst reports. Credit Suisse Group raised their price objective on shares of Atkore from $107.00 to $121.00 and gave the stock an outperform rating in a research note on Friday, November 19th. Royal Bank of Canada raised their price objective on shares of Atkore from $99.00 to $129.00 and gave the stock an outperform rating in a research note on Friday, November 19th. They noted that the move was a valuation call. Finally, Citigroup raised their price objective on shares of Atkore from $102.00 to $123.00 and gave the stock a neutral rating in a research note on Friday, November 19th.

An institutional investor recently raised its position in Atkore stock. Morgan Stanley grew its stake in Atkore Inc. (NYSE:ATKR) by 3,104.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 300,240 shares of the company’s stock after acquiring an additional 290,871 shares during the period. Morgan Stanley owned 0.65% of Atkore worth $21,317,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 94.09% of the company’s stock.

About Atkore

Atkore, Inc engages in the manufacture of electrical raceway products. It operates through the Electrical, and Safety and Infrastructure segments. The Electrical segment produces products used in the construction of electrical power systems such as conduit, cable, and installation accessories. The Safety and Infrastructure segment designs and creates solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure.

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