Yahoo Finance Atkore Inc. (ATKR) Stock Sinks As Market Gains: What You Should Know
Atkore Inc. (ATKR) closed the most recent trading day at $138.10, moving -0.58% from the previous trading session. This move lagged the S&P 500's daily gain of 0.12%. Meanwhile, the Dow gained 0.13%, and the Nasdaq, a tech-heavy index, lost 4.09%.
Prior to today's trading, shares of the company had gained 13.87% over the past month. This has outpaced the Industrial Products sector's gain of 4.2% and the S&P 500's gain of 3.98% in that time.
Atkore Inc. will be looking to display strength as it nears 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, the Zacks Consensus Estimate for revenue is projecting net sales of $939.4 million, down 11.51% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $17.82 per share and revenue of $3.6 billion, which would represent changes of -17.31% and -7.95%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Atkore Inc.These recent revisions tend to reflect the evolving nature of short-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 has moved 6.08% higher within the past month. Atkore Inc. is currently sporting a Zacks Rank of #2 (Buy).
Investors should also note Atkore Inc.'s current valuation metrics, including its Forward P/E ratio of 7.79. This represents a discount compared to its industry's average Forward P/E of 7.92.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 7, putting it in the top 3% 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.
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
