Atkore Inc. (NYSE:ATKR) Announces $0.32 Quarterly Dividend

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Investors of record on Tuesday, August 20th will be given a dividend of 0.32 per share on Friday, August 30th. This represents a $1.28 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Tuesday, August 20th.

Atkore has a dividend payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Atkore to earn $16.21 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 7.9%.

Atkore Price Performance

ATKR opened at $95.59 on Monday. Atkore has a 52-week low of $91.31 and a 52-week high of $194.98. The company has a 50 day moving average of $129.03 and a two-hundred day moving average of $152.11. The company has a market cap of $3.48 billion, a P/E ratio of 5.96 and a beta of 2.15. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last announced its quarterly 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. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm had revenue of $822.40 million during the quarter, compared to analysts’ expectations of $830.16 million. During the same period in the prior year, the company earned $5.13 EPS. The firm’s revenue was down 10.5% on a year-over-year basis. On average, analysts expect that Atkore will post 14.93 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Citigroup dropped their target price on Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Royal Bank of Canada lowered shares of Atkore from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. B. Riley decreased their target price on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. StockNews.com downgraded shares of Atkore from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, KeyCorp decreased their price objective on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Atkore has a consensus rating of “Hold” and an average target price of $137.00.

Insider Transactions at Atkore

In related news, Director Wilbert W. James, Jr. sold 599 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the sale, the director now directly owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the transaction, the insider now owns 28,086 shares in the company, valued at approximately $2,681,370.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wilbert W. James, Jr. sold 599 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The disclosure for this sale can be found here. Corporate insiders own 2.56% of the company’s stock.

Atkore Company Profile

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.