Citigroup Cuts Atkore (NYSE:ATKR) Price Target to $188.00

Atkore (NYSE:ATKR) had its price objective dropped by Citigroup from $200.00 to $188.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 19.27% from the company’s previous close.

Other analysts have also issued reports about the stock. StockNews.com upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Royal Bank of Canada reissued an “outperform” rating and set a $187.00 price target on shares of Atkore in a research report on Friday, March 22nd.

Atkore Stock Performance

Shares of ATKR stock traded up $3.29 during midday trading on Wednesday, hitting $157.63. The company had a trading volume of 995,243 shares, compared to its average volume of 483,466. Atkore has a 52-week low of $116.14 and a 52-week high of $194.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. The company’s 50 day simple moving average is $176.72 and its 200 day simple moving average is $155.41. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 9.45 and a beta of 2.19.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. The firm had revenue of $792.90 million during the quarter, compared to analysts’ expectations of $808.22 million. Atkore had a net margin of 18.80% and a return on equity of 46.79%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $4.31 earnings per share. Research analysts anticipate that Atkore will post 15.06 earnings per share for the current fiscal year.

Insider Activity

In other Atkore news, CEO William E. Jr. Waltz sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $173.85, for a total value of $8,692,500.00. Following the transaction, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at approximately $14,554,026.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William E. Jr. Waltz sold 43,072 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $160.48, for a total value of $6,912,194.56. Following the transaction, the chief executive officer now directly owns 83,716 shares in the company, valued at approximately $13,434,743.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William E. Jr. Waltz sold 50,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $173.85, for a total transaction of $8,692,500.00. Following the sale, the chief executive officer now owns 83,716 shares in the company, valued at approximately $14,554,026.60. The disclosure for this sale can be found here. Insiders have sold 148,464 shares of company stock worth $25,124,751 over the last 90 days. Company insiders own 2.56% of the company’s stock.

Hedge Funds Weigh In On Atkore

Institutional investors have recently made changes to their positions in the stock. River Road Asset Management LLC increased its position in Atkore by 14.1% in the fourth quarter. River Road Asset Management LLC now owns 1,260,290 shares of the company’s stock worth $201,646,000 after buying an additional 155,508 shares during the period. Boston Partners lifted its stake in shares of Atkore by 98.9% in the 4th quarter. Boston Partners now owns 1,197,025 shares of the company’s stock worth $191,329,000 after acquiring an additional 595,115 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in Atkore by 0.7% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,126,630 shares of the company’s stock valued at $168,082,000 after purchasing an additional 7,574 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Atkore by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,067,162 shares of the company’s stock valued at $170,753,000 after purchasing an additional 3,568 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Atkore by 13.8% in the 3rd quarter. Invesco Ltd. now owns 818,309 shares of the company’s stock worth $122,084,000 after buying an additional 99,345 shares in the last quarter.

Atkore Company Profile

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.