Atkore (NYSE:ATKR) Sets New 12-Month High – What’s Next?

Atkore Inc. (NYSE:ATKR)’s stock price reached a new 52-week high during trading on Monday. The stock traded as high as $94.66 and last traded at $94.6250, with a volume of 60957 shares changing hands. The stock had previously closed at $94.57.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ATKR. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Roth Capital lowered 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 note on Tuesday, August 4th. Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. Finally, Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. One equities research 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 data from MarketBeat, Atkore has an average rating of “Hold” and an average price target of $143.33.

Atkore Stock Up 0.0%

The firm has a market cap of $3.19 billion, a P/E ratio of -19.67 and a beta of 1.68. The firm’s 50-day moving average price is $89.91 and its 200 day moving average price is $78.21. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $756.23 million. During the same quarter in the prior year, the firm posted $2.17 earnings per share. On average, equities research analysts expect that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were issued 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 was Tuesday, August 18th. Atkore’s payout ratio is currently -27.44%.

Insiders Place Their Bets

In other Atkore news, insider Mark Lamps sold 300 shares of the 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 sale, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atkore

A number of institutional investors have recently modified their holdings of ATKR. BlackRock Inc. acquired a new position in Atkore during the 2nd quarter valued at approximately $236,958,000. Hill City Capital LP bought a new position in Atkore during the 2nd quarter worth $55,061,020. Irenic Capital Management LP increased its position in Atkore by 3,531.8% in the second quarter. Irenic Capital Management LP now owns 507,613 shares of the company’s stock worth $38,599,000 after buying an additional 493,636 shares during the period. Bank of America Corp DE acquired a new stake in Atkore in the second quarter worth $33,367,000. Finally, Oslo Pensjonsforsikring AS bought a new stake in Atkore in the first quarter valued at $22,209,000.

Atkore Company Profile

Atkore Inc (NYSE: ATKR) manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company’s products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.