Brokerages Set Atkore Inc. (NYSE:ATKR) Target Price at $143.33

Atkore Inc. (NYSE:ATKR) has been assigned an average recommendation of “Hold” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $143.3333.

Several equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Roth Capital cut shares of Atkore from a “buy” rating to a “neutral” rating and increased their target price for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a research report on Thursday, July 16th. Finally, Citigroup boosted their price target on shares of Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 300 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atkore

A number of institutional investors have recently added to or reduced their stakes in ATKR. California State Teachers Retirement System boosted its stake in Atkore by 7,265.0% during the second quarter. California State Teachers Retirement System now owns 2,924,118 shares of the company’s stock worth $222,350,000 after buying an additional 2,884,415 shares during the last quarter. Irenic Capital Management LP increased its stake in shares of Atkore by 3,531.8% in the 2nd 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. Rose Capital Advisors LLC purchased a new position in shares of Atkore during the 2nd quarter worth $1,126,000. Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of Atkore during the 2nd quarter worth $456,000. Finally, Nykredit A S purchased a new position in shares of Atkore during the 2nd quarter worth $81,000.

Atkore Stock Performance

NYSE ATKR opened at $93.67 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04. The stock’s 50 day simple moving average is $81.49 and its 200-day simple moving average is $73.93. The company has a market cap of $3.16 billion, a PE ratio of -19.47 and a beta of 1.68. Atkore has a 1-year low of $53.75 and a 1-year high of $94.14.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.The firm had revenue of $794.80 million during the quarter, compared to analysts’ expectations of $756.23 million. During the same period in the previous year, the business earned $2.17 earnings per share. As a group, equities research analysts anticipate that Atkore will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Atkore’s dividend payout ratio (DPR) is -27.44%.

About Atkore

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.