Analysts Set Atkore Inc. (NYSE:ATKR) Price Target at $79.57

by · The Markets Daily

Atkore Inc. (NYSE:ATKR – Get Free Report) has been given a consensus recommendation of “Hold” by the seven ratings firms that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $79.57.

A number of research firms have issued reports on ATKR. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Royal Bank Of Canada lifted their target price on Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 7th. KeyCorp increased their price target on Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Roth Capital set a $78.00 price objective on Atkore and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Citigroup reiterated a “neutral” rating and issued a $80.00 target price (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th.

Read Our Latest Report on ATKR

Atkore Price Performance

Shares of NYSE ATKR opened at $70.82 on Friday. Atkore has a 1-year low of $49.92 and a 1-year high of $153.32. The firm has a market capitalization of $2.38 billion, a P/E ratio of 13.62 and a beta of 2.06. The firm’s 50-day moving average price is $66.29 and its 200-day moving average price is $70.07. The company has a current ratio of 3.02, a quick ratio of 1.98 and a debt-to-equity ratio of 0.54.

Atkore (NYSE:ATKR – Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.52. Atkore had a return on equity of 20.81% and a net margin of 6.48%. The business had revenue of $701.73 million for the quarter, compared to analyst estimates of $690.83 million. During the same quarter in the prior year, the company earned $4.08 earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. Equities research analysts anticipate that Atkore will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were given a $0.33 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.32 annualized dividend and a yield of 1.86%. This is a boost from Atkore’s previous quarterly dividend of $0.32. Atkore’s payout ratio is currently 25.38%.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the completion of the sale, the insider now owns 32,828 shares in the company, valued at $2,270,384.48. This trade represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Atkore

Several institutional investors have recently added to or reduced their stakes in the business. First Hawaiian Bank purchased a new position in shares of Atkore in the first quarter worth about $572,000. Rhumbline Advisers boosted its holdings in Atkore by 3.2% in the 1st quarter. Rhumbline Advisers now owns 52,856 shares of the company’s stock worth $3,171,000 after buying an additional 1,616 shares during the period. Strs Ohio purchased a new position in Atkore in the 1st quarter valued at approximately $36,000. Intech Investment Management LLC raised its holdings in Atkore by 59.7% during the 1st quarter. Intech Investment Management LLC now owns 29,363 shares of the company’s stock valued at $1,761,000 after acquiring an additional 10,972 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Atkore by 15.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 116,830 shares of the company’s stock worth $7,009,000 after acquiring an additional 16,028 shares in the last quarter.

Atkore Company Profile

(Get Free Report

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.

See Also