Atkore (NYSE:ATKR) Hits New 1-Year High – Time to Buy?

Atkore Inc. (NYSE:ATKR) hit a new 52-week high during trading on Monday . The stock traded as high as $93.85 and last traded at $93.7680, with a volume of 365739 shares traded. The stock had previously closed at $93.71.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ATKR shares. Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. Citigroup increased their price objective on shares of Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of Atkore in a research report on Wednesday, July 29th. Finally, Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and boosted their price target for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $143.33.

Atkore Stock Up 0.1%

The company has a market cap of $3.17 billion, a price-to-earnings ratio of -19.51 and a beta of 1.68. The stock’s 50-day moving average is $78.26 and its 200-day moving average is $71.92. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.92 EPS for the quarter, beating the consensus estimate of $1.53 by $0.39. The firm had revenue of $794.80 million during the quarter, compared to the consensus estimate of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same quarter in the previous year, the company posted $2.17 earnings per share. On average, analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th will be paid a $0.33 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.32 annualized dividend and a yield of 1.4%. Atkore’s dividend payout ratio (DPR) is -27.44%.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 300 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider owned 35,803 shares in the company, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Atkore

Several institutional investors and hedge funds have recently bought and sold shares of ATKR. Global Retirement Partners LLC bought a new stake in Atkore in the 2nd quarter worth approximately $28,000. Kestra Investment Management LLC increased its stake in shares of Atkore by 710.9% during the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after buying an additional 391 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of 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 purchasing an additional 480 shares during the period. Strs Ohio purchased a new stake in Atkore in the first quarter worth about $36,000. Finally, Jones Financial Companies Lllp grew its stake in Atkore by 61.8% in the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the period.

Atkore Company Profile

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.