Atkore (NYSE:ATKR) Releases 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 (EPS) guidance of $3.300-$3.600 for the period, compared to the Thomson Reuters consensus estimate of $1.740. The company issued revenue guidance of -.Atkore also updated its FY 2022 guidance to $9.200-$10.000 EPS.

ATKR stock traded up $2.93 during trading hours on Thursday, reaching $113.01. The stock had a trading volume of 347,704 shares, compared to its average volume of 464,549. The stock has a market capitalization of $5.21 billion, a PE ratio of 9.24 and a beta of 2.48. 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 stock has a 50-day simple moving average of $95.88 and a 200 day simple moving average of $85.09. Atkore has a fifty-two week low of $38.75 and a fifty-two week high of $118.49.

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

A number of analysts have recently issued reports on the stock. Royal Bank of Canada raised their target price 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. Credit Suisse Group raised their target price 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. Finally, Citigroup raised their target price 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 increased its stake in Atkore Inc. (NYSE:ATKR) by 3,104.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 300,240 shares of the company’s stock after acquiring an additional 290,871 shares during the quarter. Morgan Stanley owned 0.65% of Atkore worth $21,317,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 94.09% of the company’s stock.

Atkore Company Profile

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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