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

Atkore (NYSE:ATKR) had its price objective cut by Citigroup from $200.00 to $188.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently weighed in on ATKR. Royal Bank of Canada restated an outperform rating and issued a $187.00 target price on shares of Atkore in a report on Friday, March 22nd. StockNews.com upgraded Atkore from a hold rating to a buy rating in a research report on Friday, April 5th.

Atkore Trading Up 2.1 %

Shares of ATKR stock opened at $157.63 on Wednesday. The stock’s 50-day moving average price is $176.60 and its 200-day moving average price is $155.43. Atkore has a 12-month low of $116.14 and a 12-month high of $194.98. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 9.45 and a beta of 2.19. 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 Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.86. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The business had revenue of $792.90 million for the quarter, compared to analysts’ expectations of $808.22 million. During the same period in the prior year, the firm earned $4.31 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts predict that Atkore will post 15.06 EPS for the current fiscal year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.81%. The ex-dividend date is Monday, May 20th. Atkore’s payout ratio is currently 7.67%.

Insider Buying and Selling at Atkore

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 value of $1,037,792.52. Following the sale, the insider now directly owns 30,430 shares in the company, valued at $4,822,850.70. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Daniel S. Kelly sold 8,685 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.07, for a total transaction of $1,503,112.95. Following the transaction, the vice president now owns 34,907 shares of the company’s stock, valued at approximately $6,041,354.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John W. Pregenzer sold 6,548 shares of Atkore 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 $4,822,850.70. The disclosure for this sale can be found here. Insiders 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

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