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

Atkore Inc. (NYSE:ATKR)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $62.33 and last traded at $62.38, with a volume of 698399 shares changing hands. The stock had previously closed at $63.31.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ATKR shares. Loop Capital downgraded Atkore from a “buy” rating to a “hold” rating and reduced their target price for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 target price (up from $93.00) on shares of Atkore in a report on Wednesday, December 4th. B. Riley downgraded 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. KeyCorp decreased their price target on shares of Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Finally, Roth Capital upgraded Atkore to a “strong-buy” rating in a report on Monday, December 16th. 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, Atkore has a consensus rating of “Moderate Buy” and a consensus target price of $103.17.

Atkore Trading Down 1.5 %

The company has a market capitalization of $2.17 billion, a PE ratio of 6.04 and a beta of 2.12. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. The business’s 50-day simple moving average is $78.16 and its two-hundred day simple moving average is $85.43.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. The business had revenue of $661.60 million during the quarter, compared to analyst estimates of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business’s revenue was down 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.12 earnings per share. On average, analysts predict that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Dividend Announcement

The firm also recently disclosed 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 of this dividend is Tuesday, February 18th. This represents a $1.28 annualized dividend and a yield of 2.05%. Atkore’s dividend payout ratio (DPR) is 12.39%.

Insider Transactions at Atkore

In other news, Director Jeri L. Isbell sold 3,353 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the sale, the director now directly owns 25,585 shares of the company’s stock, valued at approximately $2,405,757.55. This represents a 11.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the transaction, the insider now directly owns 33,760 shares in the company, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Atkore

Hedge funds have recently modified their holdings of the stock. Gates Capital Management Inc. raised its holdings in Atkore by 29.6% during the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company’s stock worth $217,584,000 after buying an additional 595,774 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Atkore by 10.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock valued at $111,467,000 after acquiring an additional 134,517 shares in the last quarter. First Trust Advisors LP boosted its stake in Atkore by 195.6% in the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock worth $98,009,000 after purchasing an additional 777,113 shares during the period. Dimensional Fund Advisors LP boosted its stake in Atkore by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company’s stock worth $91,028,000 after purchasing an additional 6,234 shares during the period. Finally, LSV Asset Management grew its position in Atkore by 24.2% during the 4th quarter. LSV Asset Management now owns 924,100 shares of the company’s stock worth $77,116,000 after purchasing an additional 180,160 shares in the last quarter.

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.