Atkore Inc. (NYSE:ATKR) Plans $0.32 Quarterly Dividend

Atkore Inc. (NYSE:ATKR) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Tuesday, May 21st will be paid a dividend of 0.32 per share on Friday, May 31st. This represents a $1.28 annualized dividend and a yield of 0.73%. The ex-dividend date is Monday, May 20th.

Atkore has a dividend payout ratio of 7.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Atkore to earn $16.40 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 7.8%.

Atkore Price Performance

Shares of NYSE:ATKR opened at $176.39 on Friday. The company has a market cap of $6.49 billion, a PE ratio of 10.57 and a beta of 2.19. Atkore has a twelve month low of $116.14 and a twelve month high of $194.98. The company’s 50 day moving average is $176.60 and its 200 day moving average is $154.60. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Thursday, February 1st. The company reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $3.08 by $1.04. The business had revenue of $798.50 million for the quarter, compared to analysts’ expectations of $777.05 million. Atkore had a net margin of 18.80% and a return on equity of 46.79%. The business’s revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company earned $4.51 EPS. On average, sell-side analysts forecast that Atkore will post 15.06 EPS for the current year.

Insider Activity

In other news, insider John W. Pregenzer sold 6,548 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the transaction, the insider now owns 30,430 shares in the company, valued at approximately $4,822,850.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Atkore news, CEO William E. Jr. Waltz sold 43,072 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was 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 owns 83,716 shares in the company, valued at approximately $13,434,743.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $158.49, for a total value of $1,037,792.52. Following the completion of the transaction, the insider now owns 30,430 shares in the company, valued at approximately $4,822,850.70. The disclosure for this sale can be found here. Insiders have sold 148,464 shares of company stock worth $25,124,751 in the last quarter. Corporate insiders own 2.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ATKR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $187.00 price objective on shares of Atkore in a research note on Friday, March 22nd. Citigroup raised their price objective on shares of Atkore from $176.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a research note on Friday, April 5th.

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.