Atkore Inc. (ATKR) Dips More Than Broader Markets: What You Should Know
Atkore Inc. (ATKR) closed the most recent trading day at $139.87, moving -1.47% from the previous trading session. This change lagged the S&P 500's 0.37% loss on the day. Meanwhile, the Dow lost 0.32%, and the Nasdaq, a tech-heavy index, lost 1.18%.
Prior to today's trading, shares of the company had gained 14.14% over the past month. This has outpaced the Industrial Products sector's gain of 9% and the S&P 500's gain of 7.18% in that time.
Investors will be hoping for strength from Atkore Inc. as it approaches its next earnings release. On that day, Atkore Inc. is projected to report earnings of $4.26 per share, which would represent a year-over-year decline of 29.82%. Meanwhile, our latest consensus estimate is calling for revenue of $939.4 million, down 11.51% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $17.82 per share and revenue of $3.6 billion. These totals would mark changes of -17.31% and -7.95%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Atkore Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Atkore Inc. is currently a Zacks Rank #2 (Buy).
Investors should also note Atkore Inc.'s current valuation metrics, including its Forward P/E ratio of 7.97. This represents a no noticeable deviation compared to its industry's average Forward P/E of 7.97.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 6, putting it in the top 3% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Atkore Inc. (ATKR) : Free Stock Analysis Report
