Atkore (NYSE:ATKR) Price Target Raised to $65.00

Atkore (NYSE:ATKR) had its target price increased by Royal Bank of Canada from $64.00 to $65.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other equities analysts also recently commented on the company. Citigroup lowered their price target on Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. KeyCorp cut their target price on shares of Atkore from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Loop Capital lowered Atkore from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.00.

Atkore Price Performance

NYSE ATKR opened at $64.63 on Tuesday. 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 firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 6.26 and a beta of 2.02. The company has a 50 day simple moving average of $61.43 and a 200-day simple moving average of $77.00. Atkore has a 52-week low of $49.92 and a 52-week high of $185.42.

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

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.32 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.28 annualized dividend and a yield of 1.98%. Atkore’s dividend payout ratio is 12.39%.

Insider Activity

In other Atkore news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the sale, the insider now owns 33,760 shares in the company, valued at approximately $2,194,400. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Atkore

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP lifted its stake in shares of Atkore by 195.6% during the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock valued at $98,009,000 after acquiring an additional 777,113 shares during the period. Gates Capital Management Inc. boosted its stake in shares of Atkore by 29.6% in the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company’s stock valued at $217,584,000 after purchasing an additional 595,774 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock valued at $50,658,000 after purchasing an additional 513,631 shares during the last quarter. Norges Bank bought a new stake in shares of Atkore during the fourth quarter worth approximately $42,339,000. Finally, Victory Capital Management Inc. lifted its holdings in Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after buying an additional 459,200 shares during the period.

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.