Atkore (NYSE:ATKR) Hits New 12-Month High – Here’s Why

Atkore Inc. (NYSE:ATKR) shares hit a new 52-week high during trading on Wednesday . The company 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

Several equities analysts recently issued reports on ATKR shares. Roth Capital downgraded shares of Atkore from a “buy” rating to a “neutral” rating and lifted their price target for the company from $85.00 to $92.00 in a report on Tuesday, August 4th. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $143.33.

Atkore Trading Down 0.0%

The stock has a market cap of $3.18 billion, a price-to-earnings ratio of -19.58 and a beta of 1.68. The business’s 50 day simple moving average is $84.87 and its 200 day simple moving average is $75.84. 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) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $756.23 million. During the same quarter in the previous year, the business earned $2.17 earnings per share. On average, research analysts expect that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were issued 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 payout ratio is presently -27.44%.

Insider Activity

In other news, insider Mark 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 transaction, the insider owned 35,803 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atkore

Institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp boosted its holdings in Atkore by 61.8% in the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after purchasing an additional 246 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 buying an additional 16,028 shares during the last quarter. Intech Investment Management LLC grew its position in Atkore by 59.7% during the 1st quarter. Intech Investment Management LLC now owns 29,363 shares of the company’s stock worth $1,761,000 after acquiring an additional 10,972 shares during the last quarter. Strs Ohio acquired a new position in shares of Atkore in the first quarter valued at approximately $36,000. Finally, Norges Bank acquired a new position in Atkore in the 2nd quarter valued at approximately $467,000.

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.