Atkore (NYSE:ATKR) Shares Gap Down – Here’s Why

Shares of Atkore Inc. (NYSE:ATKR) gapped down before the market opened on Monday . The stock had previously closed at $72.43, but opened at $69.36. Atkore shares last traded at $70.7860, with a volume of 13,220 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ATKR. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Royal Bank Of Canada upped their price target on shares of Atkore from $71.00 to $82.00 and gave the company a “sector perform” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Atkore in a research report on Friday, May 1st. Finally, Citigroup raised 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. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $81.67.

Atkore Price Performance

The firm has a market capitalization of $2.34 billion, a P/E ratio of -19.34 and a beta of 1.68. The stock’s 50 day simple moving average is $77.83 and its 200 day simple moving average is $69.81. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.02 and a current ratio of 2.64.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.23. The firm had revenue of $731.38 million during the quarter, compared to the consensus estimate of $714.18 million. Atkore had a negative net margin of 4.19% and a positive return on equity of 9.22%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Atkore has set its FY 2026 guidance at 5.050-5.550 EPS. As a group, analysts expect that Atkore Inc. will post 4.75 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Tuesday, May 19th. Atkore’s dividend payout ratio is currently -36.87%.

Insiders Place Their Bets

In other news, Director Wilbert W. James, Jr. sold 3,299 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $73.61, for a total transaction of $242,839.39. Following the transaction, the director owned 17,063 shares in the company, valued at approximately $1,256,007.43. This trade represents a 16.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Justin A. Kershaw sold 2,799 shares of Atkore stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $73.67, for a total value of $206,202.33. Following the completion of the sale, the director owned 18,610 shares of the company’s stock, valued at $1,370,998.70. The trade was a 13.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atkore

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in Atkore by 657.2% during the fourth quarter. SG Americas Securities LLC now owns 32,023 shares of the company’s stock worth $2,025,000 after buying an additional 27,794 shares during the period. Irenic Capital Management LP bought a new stake in Atkore during the 4th quarter valued at $884,000. LSV Asset Management increased its holdings in shares of Atkore by 5.8% in the 4th quarter. LSV Asset Management now owns 960,450 shares of the company’s stock valued at $60,748,000 after acquiring an additional 52,850 shares during the period. Willis Investment Counsel increased its holdings in shares of Atkore by 237.7% in the 4th quarter. Willis Investment Counsel now owns 39,351 shares of the company’s stock valued at $2,489,000 after acquiring an additional 27,698 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Atkore by 62.9% in the 4th quarter. HighTower Advisors LLC now owns 20,336 shares of the company’s stock worth $1,286,000 after acquiring an additional 7,856 shares in the last quarter.

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.