Atkore (NYSE:ATKR) Hits New 1-Year High – Here’s Why
by Amy Steele · The Cerbat GemShares of Atkore Inc. (NYSE:ATKR – Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $94.22 and last traded at $94.2020, with a volume of 304803 shares. The stock had previously closed at $93.87.
Analysts Set New Price Targets
ATKR has been the subject of a number of recent research reports. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and upped their price target for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a research report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $143.33.
Get Our Latest Stock Analysis on ATKR
Atkore Stock Performance
The stock has a market capitalization of $3.18 billion, a P/E ratio of -19.60 and a beta of 1.68. The company has a 50-day moving average price of $83.94 and a two-hundred day moving average price of $75.46. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59.
Atkore (NYSE:ATKR – Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.39. The company had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same quarter in the previous year, the business posted $2.17 EPS. On average, equities analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current year.
Atkore Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore’s payout ratio is currently -27.44%.
Insider Buying and Selling
In other Atkore news, insider Mark Lamps sold 300 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the transaction, the insider owned 35,803 shares in the company, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.
Institutional Trading of Atkore
Several institutional investors and hedge funds have recently modified their holdings of ATKR. Global Retirement Partners LLC purchased a new stake in Atkore in the 2nd quarter valued at $28,000. Integrated Wealth Concepts LLC bought a new stake in shares of Atkore in the second quarter valued at $31,000. Kestra Investment Management LLC boosted its position in Atkore by 710.9% during the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after purchasing an additional 391 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after acquiring an additional 480 shares during the period. Finally, Strs Ohio purchased a new stake in Atkore during the 1st quarter worth about $36,000.
Atkore Company Profile
Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.
Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.