Loop Capital Cuts Atkore (NYSE:ATKR) Price Target to $130.00

Atkore (NYSE:ATKR) had its price target lowered by investment analysts at Loop Capital from $160.00 to $130.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price objective would indicate a potential upside of 45.69% from the stock’s previous close.

A number of other research analysts also recently issued reports on ATKR. KeyCorp reduced their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. B. Riley reduced their price target on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada lowered shares of Atkore from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.60.

Atkore Stock Up 3.0 %

Atkore stock opened at $89.23 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.03 and a current ratio of 3.26. The stock has a market cap of $3.25 billion, a PE ratio of 5.56 and a beta of 2.15. Atkore has a fifty-two week low of $80.11 and a fifty-two week high of $194.98. The firm’s 50-day simple moving average is $107.54 and its 200 day simple moving average is $142.04.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.28. The firm had revenue of $822.40 million for the quarter, compared to the consensus estimate of $830.16 million. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.13 EPS. Research analysts predict that Atkore will post 12.69 EPS for the current fiscal year.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the sale, the insider now directly owns 28,086 shares in the company, valued at approximately $2,681,370.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently made changes to their positions in the stock. ICA Group Wealth Management LLC purchased a new position in Atkore during the 4th quarter valued at about $25,000. LifeSteps Financial Inc. bought a new stake in Atkore during the 1st quarter worth approximately $33,000. Quarry LP purchased a new stake in Atkore in the 2nd quarter worth approximately $57,000. Mather Group LLC. boosted its holdings in Atkore by 895.7% in the 2nd quarter. Mather Group LLC. now owns 468 shares of the company’s stock valued at $63,000 after purchasing an additional 421 shares during the period. Finally, Principal Securities Inc. purchased a new position in shares of Atkore during the 4th quarter valued at $66,000.

About Atkore

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.