Analysts Set Atkore Inc. (NYSE:ATKR) Price Target at $77.57

Shares of Atkore Inc. (NYSE:ATKR) have been assigned a consensus rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $77.57.

ATKR has been the topic of several recent analyst reports. Loop Capital lowered shares of Atkore from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. Roth Capital set a $78.00 price target on shares of Atkore and gave the company a “buy” rating in a research note on Wednesday, May 7th. KeyCorp boosted their price objective on shares of Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Citigroup cut their price objective on shares of Atkore from $78.00 to $66.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Royal Bank of Canada upped their price target on shares of Atkore from $65.00 to $70.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 7th.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total value of $69,160.00. Following the completion of the transaction, the insider now owns 32,828 shares in the company, valued at $2,270,384.48. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently bought and sold shares of ATKR. First Trust Advisors LP grew 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 buying an additional 777,113 shares in the last quarter. Gates Capital Management Inc. raised its holdings in Atkore by 25.2% during the 1st quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company’s stock valued at $195,871,000 after buying an additional 657,707 shares during the last quarter. Wellington Management Group LLP raised its holdings in Atkore by 549.9% during the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock valued at $50,658,000 after buying an additional 513,631 shares during the last quarter. Norges Bank bought a new position in Atkore in the 4th quarter worth $42,339,000. Finally, Victory Capital Management Inc. raised its holdings in Atkore by 3,948.4% in the 4th quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock worth $39,291,000 after purchasing an additional 459,200 shares in the last quarter.

Atkore Stock Performance

Shares of NYSE:ATKR opened at $65.08 on Wednesday. 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 company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 6.30 and a beta of 2.10. The firm’s 50 day simple moving average is $62.77 and its 200 day simple moving average is $72.71. Atkore has a fifty-two week low of $49.92 and a fifty-two week high of $153.32.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.52 by $0.52. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The firm had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. During the same period last year, the company posted $4.08 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts forecast that Atkore will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Friday, May 16th were given a dividend of $0.33 per share. This is a positive change from Atkore’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Friday, May 16th. Atkore’s dividend payout ratio (DPR) is presently 25.38%.

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.