Atkore Inc. (ATKR) Gains As Market Dips: What You Should Know
Atkore Inc. (ATKR) closed at $147.61 in the latest trading session, marking a +1.88% move from the prior day. This change outpaced the S&P 500's 0.29% loss on the day. Elsewhere, the Dow lost 0.55%, while the tech-heavy Nasdaq added 1.24%.
Heading into today, shares of the company had gained 4.31% over the past month, lagging the Industrial Products sector's gain of 6.08% and outpacing the S&P 500's gain of 3.1% in that time.
Investors will be hoping for strength from Atkore Inc. as it approaches its next earnings release. The company is expected to report EPS of $4.26, down 29.82% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $939.4 million, down 11.51% from the year-ago period.
ATKR's full-year Zacks Consensus Estimates are calling for earnings of $17.82 per share and revenue of $3.6 billion. These results would represent year-over-year changes of -17.31% and -7.95%, respectively.
Investors might also notice recent changes to analyst estimates for Atkore Inc.These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually 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 8.13. For comparison, its industry has an average Forward P/E of 8.13, which means Atkore Inc. is trading at a no noticeable deviation to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Atkore Inc. (ATKR) : Free Stock Analysis Report
