Atkore (NYSE:ATKR) Sets New 1-Year High – What’s Next?

Atkore Inc. (NYSE:ATKR)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $94.65 and last traded at $94.6010, with a volume of 212942 shares changing hands. The stock had previously closed at $94.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ATKR shares. Royal Bank Of Canada set a $76.00 price target on Atkore in a report on Thursday, July 16th. Weiss Ratings upgraded Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Finally, Roth Capital cut Atkore from a “buy” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $92.00 in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $143.33.

Atkore Stock Performance

The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -19.66 and a beta of 1.68. The company’s 50-day simple moving average is $88.23 and its 200-day simple moving average is $77.30.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.The business had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. During the same quarter last year, the company posted $2.17 EPS. Analysts predict that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were given a $0.33 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. Atkore’s dividend payout ratio is presently -27.44%.

Insider Transactions at Atkore

In other news, insider Mark Lamps sold 300 shares of Atkore stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the sale, the insider directly owned 35,803 shares in the company, valued at $3,356,531.25. The trade was a 0.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

Institutional Trading of Atkore

Several large investors have recently modified their holdings of ATKR. Tidal Investments LLC boosted its position in shares of Atkore by 61.8% in the second quarter. Tidal Investments LLC now owns 51,660 shares of the company’s stock valued at $3,928,000 after acquiring an additional 19,729 shares during the period. Engineers Gate Manager LP increased its holdings in shares of Atkore by 723.5% during the 2nd quarter. Engineers Gate Manager LP now owns 57,071 shares of the company’s stock worth $4,340,000 after purchasing an additional 50,141 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Atkore during the second quarter valued at about $31,000. Squarepoint Ops LLC bought a new stake in shares of Atkore in the second quarter valued at about $1,008,000. Finally, Nykredit A S bought a new stake in shares of Atkore in the 2nd quarter worth approximately $81,000.

About Atkore

Atkore Inc (NYSE: ATKR) manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company’s products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.