Atkore (NYSE:ATKR) Shares Gap Up After Analyst Upgrade

Shares of Atkore Inc. (NYSE:ATKR) gapped up before the market opened on Tuesday after Royal Bank of Canada raised their price target on the stock from $64.00 to $65.00. The stock had previously closed at $56.73, but opened at $62.32. Royal Bank of Canada currently has a sector perform rating on the stock. Atkore shares last traded at $60.46, with a volume of 68,865 shares.

Other analysts have also recently issued research reports about the company. Loop Capital cut Atkore from a “buy” rating to a “hold” rating and lowered their price target for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Citigroup decreased their target price on Atkore from $78.00 to $66.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, KeyCorp cut their price target on shares of Atkore from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.00.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the sale, the insider now directly owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ATKR. Lakewood Asset Management LLC increased its stake in shares of Atkore by 1.4% in the 4th quarter. Lakewood Asset Management LLC now owns 9,057 shares of the company’s stock valued at $756,000 after purchasing an additional 126 shares in the last quarter. Van Den Berg Management I Inc. grew its holdings in Atkore by 0.4% in the fourth quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company’s stock valued at $3,425,000 after purchasing an additional 158 shares during the period. Isthmus Partners LLC increased its position in shares of Atkore by 0.8% in the fourth quarter. Isthmus Partners LLC now owns 21,441 shares of the company’s stock valued at $1,789,000 after buying an additional 162 shares in the last quarter. Xponance Inc. raised its stake in shares of Atkore by 6.9% during the 4th quarter. Xponance Inc. now owns 2,569 shares of the company’s stock worth $214,000 after buying an additional 166 shares during the period. Finally, Willis Investment Counsel lifted its position in shares of Atkore by 3.3% during the 4th quarter. Willis Investment Counsel now owns 5,350 shares of the company’s stock valued at $446,000 after buying an additional 171 shares in the last quarter.

Atkore Stock Up 10.1 %

The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 6.05 and a beta of 2.02. The business’s 50 day moving average is $61.80 and its 200-day moving average is $77.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.45. The business had revenue of $661.60 million for the quarter, compared to the consensus estimate of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company’s revenue was down 17.1% compared to the same quarter last year. During the same period last year, the firm posted $4.12 earnings per share. On average, sell-side analysts predict that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.05%. Atkore’s dividend payout ratio (DPR) is presently 12.39%.

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.