Atkore Inc. (NYSE:ATKR) Sees Large Increase in Short Interest

Atkore Inc. (NYSE:ATKR) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 4,310,000 shares, a growth of 8.8% from the September 15th total of 3,960,000 shares. Approximately 12.2% of the shares of the company are sold short. Based on an average trading volume of 837,600 shares, the short-interest ratio is currently 5.1 days.

Atkore Trading Down 0.4 %

Shares of ATKR stock traded down $0.35 during trading hours on Thursday, hitting $88.64. 522,650 shares of the company were exchanged, compared to its average volume of 618,088. The firm has a fifty day moving average of $89.13 and a 200 day moving average of $129.56. The company has a quick ratio of 2.03, a current ratio of 3.26 and a debt-to-equity ratio of 0.49. Atkore has a 1 year low of $80.11 and a 1 year high of $194.98. The firm has a market cap of $3.23 billion, a PE ratio of 5.55 and a beta of 2.14.

Atkore (NYSE:ATKR) last issued its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.28. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The business had revenue of $822.40 million for the quarter, compared to analyst estimates of $830.16 million. During the same period last year, the company posted $5.13 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. Analysts expect that Atkore will post 12.69 earnings per share for the current year.

Atkore Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.44%. Atkore’s dividend payout ratio (DPR) is 7.98%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. KeyCorp cut their price target on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Royal Bank of Canada cut shares of Atkore from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. B. Riley lowered their price target on shares of Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Loop Capital cut their price objective on Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.60.

Insider Transactions at Atkore

In other Atkore 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 sale, the insider now owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ATKR. HighPoint Advisor Group LLC acquired a new position in shares of Atkore during the fourth quarter worth $252,000. Kapitalo Investimentos Ltda boosted its position in Atkore by 2,658.8% in the 4th quarter. Kapitalo Investimentos Ltda now owns 938 shares of the company’s stock valued at $150,000 after buying an additional 904 shares during the last quarter. Banque Cantonale Vaudoise grew its stake in shares of Atkore by 534.7% during the first quarter. Banque Cantonale Vaudoise now owns 2,869 shares of the company’s stock valued at $546,000 after acquiring an additional 2,417 shares in the last quarter. Park Avenue Securities LLC increased its position in shares of Atkore by 19.9% during the first quarter. Park Avenue Securities LLC now owns 6,593 shares of the company’s stock worth $1,255,000 after acquiring an additional 1,096 shares during the last quarter. Finally, RFG Advisory LLC lifted its stake in shares of Atkore by 8.9% in the first quarter. RFG Advisory LLC now owns 2,164 shares of the company’s stock worth $412,000 after acquiring an additional 177 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.