Atkore (NYSE:ATKR) Given New $80.00 Price Target at Citigroup

Atkore (NYSE:ATKR) had its price objective increased by Citigroup from $70.00 to $80.00 in a report released on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also commented on the stock. Royal Bank of Canada raised their target price on shares of Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. KeyCorp boosted their price objective on shares of Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Roth Capital set a $78.00 target price on Atkore and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Finally, Loop Capital downgraded 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 report on Monday, February 10th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $79.57.

Atkore Stock Up 1.9%

Shares of ATKR opened at $69.62 on Monday. Atkore has a 12 month low of $49.92 and a 12 month high of $153.32. The firm’s 50 day moving average is $63.35 and its 200-day moving average is $72.03. The stock has a market capitalization of $2.34 billion, a PE ratio of 6.74 and a beta of 2.06. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51.

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

Atkore Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Friday, May 16th. This is a boost from Atkore’s previous quarterly dividend of $0.32. Atkore’s dividend payout ratio is presently 25.38%.

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the sale, the insider now directly owns 32,828 shares of the company’s stock, valued at $2,270,384.48. The trade was a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Atkore

A number of hedge funds have recently modified their holdings of ATKR. First Hawaiian Bank bought a new position in Atkore during the 1st quarter worth $572,000. Rhumbline Advisers increased its stake in shares of Atkore by 3.2% in the first quarter. Rhumbline Advisers now owns 52,856 shares of the company’s stock valued at $3,171,000 after buying an additional 1,616 shares during the period. Strs Ohio bought a new position in shares of Atkore during the first quarter worth about $36,000. Intech Investment Management LLC lifted its stake in shares of Atkore by 59.7% in the first quarter. Intech Investment Management LLC now owns 29,363 shares of the company’s stock worth $1,761,000 after acquiring an additional 10,972 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Atkore by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 116,830 shares of the company’s stock valued at $7,009,000 after acquiring an additional 16,028 shares during the last quarter.

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.