It's hard to find companies that are excelling in today's tough market. Construction and industrial components supplier Atkore is in that elite group. And on Monday the Relative Strength Rating for Atkore stock improved to 72, up from 67. One thing lifting its sales is its recent acquisition spree.
A 72 RS Rating shows that Atkore stock has outperformed 72% of all stocks over the past year. The market's biggest winners tend to have an RS Rating north of 80 as they begin their biggest price moves. See if Atkore can continue to rebound and clear that threshold.
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Atkore Stock Buoyed By Recent Purchases
Atkore makes and sells a wide variety of electrical and mechanical products for construction and industries. Its portfolio ranges from small connectors to extensive cable systems and everything in between.
From May to August this year Atkore bought three separate components and systems makers as part of a goal to spend $1 billion on acquisitions and stock buybacks.
Atkore stock went on an amazing run as the Covid market crash started to ease in late March 2020. It bottomed at 10.85 a share intraday in the March 20, 2020 week. From there it's soared about eightfold to close at 87.95 Monday. It held up well during the 2022 bear market, running up to an all-time high 123.53 on June 6 before retreating amid the market carnage.
It fell to 70.50 on Sept. 27 and turned up. It's closed higher nine of the past 10 trading sessions. It rose above its 50-day line last Wednesday and has stayed above it. While the stock is not near an ideal entry right now, see if continues to rise and breaks out from a proper base.
Double- And Triple-Digit Profit Growth
The company posted 53% earnings growth in its most recent report, to $6.07 per share. Over the past year its quarterly earnings growth ranged from 53% to 272%. Revenue in its most recent quarter grew 24% to $1.06 billion.
Atkore stock holds the No. 6 rank among its peers in the Building-Construction Products/Miscellaneous industry group. PGT Innovations and Advanced Drainage Systems are also among the group's highest-rated stocks.
Investors researching the best stocks to buy and watch need tools to discover those best buys. A stock's price strength relative to all other stocks is one good indicator.
This proprietary Relative Strength Rating identifies market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matched up against all other stocks.
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