Atkore (NYSE:ATKR) Cut to Hold at Loop Capital

Loop Capital lowered shares of Atkore (NYSE:ATKR) from a buy rating to a hold rating in a research report sent to investors on Monday, MarketBeat reports. The brokerage currently has $65.00 price target on the stock, down from their previous price target of $115.00.

Other analysts have also issued reports about the stock. KeyCorp cut their price target on shares of Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Roth Mkm began coverage on shares of Atkore in a research note on Tuesday, December 17th. They set a “buy” rating and a $100.00 price target on the stock. Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price target (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Finally, B. Riley lowered shares of Atkore from a “buy” rating to a “neutral” rating and cut their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Atkore Trading Down 2.5 %

NYSE ATKR opened at $69.41 on Monday. The firm’s 50-day moving average is $82.51 and its two-hundred day moving average is $88.97. Atkore has a 12 month low of $62.62 and a 12 month high of $194.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96. The stock has a market capitalization of $2.41 billion, a P/E ratio of 6.72 and a beta of 2.12.

Atkore (NYSE:ATKR) last posted its earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $680.77 million. During the same quarter in the prior year, the company posted $4.12 earnings per share. Atkore’s revenue for the quarter was down 17.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Atkore will post 6.55 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Tuesday, February 18th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.84%. Atkore’s payout ratio is 12.39%.

Insider Buying and Selling

In related news, VP Daniel S. Kelly sold 13,071 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now directly owns 27,528 shares of the company’s stock, valued at $2,635,530.72. This represents a 32.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the transaction, the insider now directly owns 33,760 shares of the company’s stock, valued at $2,194,400. This trade represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,924 shares of company stock worth $1,599,200. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Atkore

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. E. Ohman J or Asset Management AB boosted its holdings in Atkore by 55.2% in the fourth quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company’s stock valued at $26,569,000 after purchasing an additional 113,263 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Atkore in the third quarter valued at approximately $7,916,000. Chase Investment Counsel Corp boosted its holdings in shares of Atkore by 97.0% in the third quarter. Chase Investment Counsel Corp now owns 13,000 shares of the company’s stock valued at $1,101,000 after acquiring an additional 6,400 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in shares of Atkore by 729.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 27,831 shares of the company’s stock valued at $2,358,000 after acquiring an additional 24,476 shares during the period. Finally, M&G PLC acquired a new stake in shares of Atkore in the third quarter valued at approximately $9,123,000.

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.