Atkore (NYSE:ATKR) Hits New 1-Year High – Time to Buy?
by Amy Steele · The Cerbat GemShares of Atkore Inc. (NYSE:ATKR – Get Free Report) reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $94.88 and last traded at $94.7610, with a volume of 1289510 shares. The stock had previously closed at $94.62.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on ATKR shares. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and boosted their price target for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Weiss Ratings raised Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded Atkore from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Finally, Royal Bank Of Canada set a $76.00 price objective on Atkore in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Atkore currently has a consensus rating of “Hold” and a consensus price target of $143.33.
Atkore Stock Down 0.0%
The firm’s 50 day moving average price is $92.71 and its two-hundred day moving average price is $80.05. The firm has a market capitalization of $3.20 billion, a PE ratio of -19.70 and a beta of 1.69. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59.
Atkore (NYSE:ATKR – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.39. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. The firm had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. During the same quarter in the previous year, the firm posted $2.17 EPS. As a group, research analysts forecast that Atkore Inc. will post 5.15 EPS for the current fiscal year.
Atkore Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore’s dividend payout ratio (DPR) is presently -27.44%.
Insider Buying and Selling
In related news, insider Mark Lamps sold 300 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the completion of the sale, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Atkore during the 2nd quarter valued at approximately $236,958,000. Dimensional Fund Advisors LP raised its holdings in shares of Atkore by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company’s stock worth $72,341,000 after purchasing an additional 97,514 shares during the period. Hill City Capital LP acquired a new stake in Atkore during the second quarter worth about $55,061,020. Irenic Capital Management LP lifted its holdings in Atkore by 3,531.8% in the second quarter. Irenic Capital Management LP now owns 507,613 shares of the company’s stock worth $38,599,000 after acquiring an additional 493,636 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in Atkore in the second quarter valued at approximately $33,367,000.
About Atkore
Atkore Inc is a manufacturer of electrical, safety and infrastructure products for the construction, industrial and commercial markets. The company supplies systems and components used to manage, protect and route electrical wiring and cable, as well as products that support structural and safety applications.
Its product portfolio includes electrical raceway systems, conduit, fittings, cable management products, wire and cable, mechanical tubing, framing systems, and related safety and infrastructure solutions.