Yahoo Finance Atkore Inc. (ATKR) Gains But Lags Market: What You Should Know
Atkore Inc. (ATKR) closed the most recent trading day at $126.33, moving +0.78% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.83%. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq gained 4.46%.
Heading into today, shares of the company had lost 9.97% over the past month, lagging the Industrial Products sector's gain of 1.54% and the S&P 500's gain of 4.04% in that time.
Wall Street will be looking for positivity from Atkore Inc. as it approaches its next earnings report date. This is expected to be May 9, 2023. In that report, analysts expect Atkore Inc. to post earnings of $4.11 per share. This would mark a year-over-year decline of 23.75%. Our most recent consensus estimate is calling for quarterly revenue of $910.2 million, down 7.37% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $16.71 per share and revenue of $3.65 billion. These totals would mark changes of -22.46% and -6.66%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Atkore Inc.Recent revisions tend to reflect the latest 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Atkore Inc. is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Atkore Inc. is holding a Forward P/E ratio of 7.5. This represents a discount compared to its industry's average Forward P/E of 7.77.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% 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.
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
