Atkore (NYSE:ATKR) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Atkore (NYSE:ATKR) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

ATKR has been the subject of a number of other reports. Citigroup dropped their price objective on shares of Atkore from $200.00 to $188.00 and set a neutral rating for the company in a report on Wednesday. Royal Bank of Canada restated an outperform rating and issued a $187.00 price objective on shares of Atkore in a report on Friday, March 22nd.

Atkore Price Performance

Shares of NYSE:ATKR opened at $157.69 on Wednesday. The company has a 50-day moving average price of $176.60 and a two-hundred day moving average price of $155.43. Atkore has a twelve month low of $116.14 and a twelve month high of $194.98. The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $5.80 billion, a PE ratio of 9.45 and a beta of 2.19.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.86. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The business had revenue of $792.90 million for the quarter, compared to analysts’ expectations of $808.22 million. During the same quarter in the prior year, the firm posted $4.31 EPS. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts forecast that Atkore will post 15.06 EPS for the current year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.81%. Atkore’s dividend payout ratio is currently 7.67%.

Insider Buying and Selling

In other news, insider John W. Pregenzer sold 6,548 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the transaction, the insider now directly owns 30,430 shares of the company’s stock, valued at $4,822,850.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Atkore news, insider John W. Pregenzer sold 6,548 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the completion of the sale, the insider now directly owns 30,430 shares in the company, valued at approximately $4,822,850.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Leangela W. Lowe sold 6,500 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total value of $1,144,455.00. Following the completion of the transaction, the vice president now owns 25,590 shares in the company, valued at $4,505,631.30. The disclosure for this sale can be found here. Insiders have sold a total of 148,464 shares of company stock worth $25,124,751 in the last quarter. Corporate insiders own 2.56% of the company’s stock.

Institutional Investors Weigh In On Atkore

Hedge funds and other institutional investors have recently modified their holdings of the stock. ICA Group Wealth Management LLC purchased a new position in Atkore during the fourth quarter valued at approximately $25,000. GAMMA Investing LLC bought a new stake in shares of Atkore during the 4th quarter valued at $26,000. Orion Capital Management LLC purchased a new position in shares of Atkore during the 3rd quarter valued at $30,000. Anchor Investment Management LLC bought a new position in Atkore in the 4th quarter worth $32,000. Finally, LifeSteps Financial Inc. purchased a new stake in Atkore in the 1st quarter worth $33,000.

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.