Atkore Inc. (ATKR) Outpaces Stock Market Gains: What You Should Know
Atkore Inc. (ATKR) closed at $145.30 in the latest trading session, marking a +0.82% move from the prior day. This change outpaced the S&P 500's 0.37% gain on the day. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 1.26%.
Prior to today's trading, shares of the company had gained 21.68% over the past month. This has outpaced the Industrial Products sector's gain of 8.14% and the S&P 500's gain of 4.31% in that time.
Atkore Inc. will be looking to display strength as it nears its next earnings release. In that report, analysts expect Atkore Inc. to post earnings of $4.26 per share. This would mark a year-over-year decline of 29.82%. 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 should also note any recent changes to analyst estimates for Atkore Inc.These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Atkore Inc. is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Atkore Inc. is holding a Forward P/E ratio of 8.09. For comparison, its industry has an average Forward P/E of 8.09, 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 6, which puts 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.
To follow ATKR in the coming trading sessions, be sure to utilize Zacks.com.
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Atkore Inc. (ATKR) : Free Stock Analysis Report
