Atkore (NYSE:ATKR) Sets New 12-Month High – Here’s What Happened

Shares of Atkore Inc. (NYSE:ATKR) reached a new 52-week high on Tuesday . The company traded as high as $94.53 and last traded at $94.5290, with a volume of 122344 shares trading hands. The stock had previously closed at $94.07.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Roth Capital downgraded shares of Atkore from a “buy” rating to a “neutral” rating and upped their price target for the company from $85.00 to $92.00 in a report on Tuesday, August 4th. Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Finally, Royal Bank Of Canada set a $76.00 price objective on shares of Atkore in a research note on Thursday, July 16th. One equities research 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 stock. According to data from MarketBeat, Atkore presently has a consensus rating of “Hold” and a consensus price target of $143.33.

Atkore Stock Performance

The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The business has a 50 day simple moving average of $85.84 and a two-hundred day simple moving average of $76.24. The firm has a market cap of $3.19 billion, a PE ratio of -19.65 and a beta of 1.68.

Atkore (NYSE:ATKR) last issued its earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The firm had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same period in the previous year, the firm earned $2.17 earnings per share. As a group, equities research analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. Atkore’s dividend payout ratio (DPR) is presently -27.44%.

Insider Transactions at Atkore

In other Atkore news, insider Mark Lamps sold 300 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.75, for a total value of $28,125.00. Following the completion of the sale, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. The trade was a 0.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atkore

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Atkore during the second quarter valued at approximately $236,958,000. California State Teachers Retirement System grew its stake in Atkore by 7,265.0% in the second quarter. California State Teachers Retirement System now owns 2,924,118 shares of the company’s stock worth $222,350,000 after purchasing an additional 2,884,415 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Atkore by 8.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company’s stock worth $72,341,000 after purchasing an additional 97,514 shares during the period. LSV Asset Management increased its holdings in Atkore by 5.8% during the 4th quarter. LSV Asset Management now owns 960,450 shares of the company’s stock worth $60,748,000 after purchasing an additional 52,850 shares during the period. Finally, Hill City Capital LP bought a new stake in Atkore during the 2nd quarter valued at $55,061,000.

Atkore Company Profile

Atkore Inc (NYSE: ATKR) manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company’s products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.