Atkore Inc. (NYSE:ATKR) Sees Significant Decline in Short Interest

Atkore Inc. (NYSE:ATKR) was the recipient of a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 1,238,324 shares, a decline of 18.0% from the December 31st total of 1,509,515 shares. Based on an average trading volume of 358,224 shares, the days-to-cover ratio is presently 3.5 days. Currently, 3.7% of the company’s shares are sold short. Currently, 3.7% of the company’s shares are sold short. Based on an average trading volume of 358,224 shares, the days-to-cover ratio is presently 3.5 days.

Atkore Stock Up 0.9%

Shares of Atkore stock traded up $0.65 during midday trading on Monday, hitting $70.10. The company had a trading volume of 532,351 shares, compared to its average volume of 366,195. Atkore has a 52-week low of $49.92 and a 52-week high of $82.28. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.13 and a current ratio of 3.05. The stock has a market capitalization of $2.37 billion, a P/E ratio of -134.81 and a beta of 1.60. The company has a 50 day moving average of $66.90 and a 200 day moving average of $65.08.

Atkore (NYSE:ATKR) last released its earnings results on Wednesday, November 19th. The company reported $0.69 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.61). Atkore had a positive return on equity of 12.98% and a negative net margin of 0.53%.The company had revenue of $752.01 million during the quarter, compared to the consensus estimate of $733.61 million. During the same period last year, the firm posted $2.43 earnings per share. The company’s revenue was down 4.6% compared to the same quarter last year. On average, equities analysts predict that Atkore will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 17th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, February 17th. Atkore’s payout ratio is presently -253.85%.

Insider Activity

In other news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $64.75, for a total transaction of $64,750.00. Following the completion of the transaction, the insider directly owned 29,923 shares of the company’s stock, valued at approximately $1,937,514.25. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Trading of Atkore

Several institutional investors have recently added to or reduced their stakes in ATKR. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Atkore in the second quarter worth $28,000. Kestra Investment Management LLC increased its holdings in Atkore by 710.9% in the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after buying an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Atkore by 1,263.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after buying an additional 480 shares during the last quarter. Strs Ohio bought a new position in Atkore during the 1st quarter valued at about $36,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Atkore by 61.8% during the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after acquiring an additional 246 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ATKR shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Atkore in a research report on Monday, December 29th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $64.00 price target on shares of Atkore in a research note on Thursday, January 15th. Roth Mkm lifted their price objective on Atkore from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, December 15th. CJS Securities upgraded Atkore to a “strong-buy” rating in a report on Thursday, December 11th. Finally, KeyCorp reissued a “sector weight” rating on shares of Atkore in a research report on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $68.80.

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.