Atkore (NYSE:ATKR) Releases Earnings Results, Beats Expectations By $0.86 EPS

Atkore (NYSE:ATKR) posted its earnings results on Monday. The company reported $4.08 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $808.22 million. During the same period last year, the company earned $4.31 earnings per share. Atkore’s revenue for the quarter was down 11.5% compared to the same quarter last year.

Atkore Stock Performance

Atkore stock opened at $157.35 on Wednesday. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 9.25 and a beta of 2.19. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. The firm has a 50 day simple moving average of $176.72 and a 200-day simple moving average of $155.41. Atkore has a 1-year low of $116.14 and a 1-year high of $194.98.

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Tuesday, May 21st will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend is Monday, May 20th. Atkore’s payout ratio is currently 7.67%.

Insider Buying and Selling

In other news, CEO William E. Jr. Waltz sold 43,072 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $160.48, for a total value of $6,912,194.56. Following the transaction, the chief executive officer now owns 83,716 shares of the company’s stock, valued at approximately $13,434,743.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Atkore news, CEO William E. Jr. Waltz sold 43,072 shares of Atkore stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares in the company, valued at $13,434,743.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William E. Jr. Waltz sold 50,000 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $173.85, for a total transaction of $8,692,500.00. Following the transaction, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at approximately $14,554,026.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,464 shares of company stock worth $25,124,751. Company insiders own 2.56% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Citigroup raised their price target on shares of Atkore from $176.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $187.00 price objective on shares of Atkore in a research report 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.