Atkore (NYSE:ATKR) Stock Price Down 3.5% – What’s Next?

Shares of Atkore Inc. (NYSE:ATKR) traded down 3.5% during trading on Wednesday . The company traded as low as $68.31 and last traded at $68.16. 47,544 shares changed hands during trading, a decline of 93% from the average session volume of 667,500 shares. The stock had previously closed at $70.60.

Analyst Ratings Changes

ATKR has been the subject of a number of research reports. Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Citigroup restated a “neutral” rating and set a $80.00 price target (up from $70.00) on shares of Atkore in a research note on Monday. Royal Bank of Canada lifted their target price on Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a report on Wednesday, May 7th. Roth Capital set a $78.00 target price on Atkore and gave the company a “buy” rating in a report on Wednesday, May 7th. Finally, KeyCorp increased their price objective on Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Atkore currently has an average rating of “Moderate Buy” and a consensus price target of $79.57.

Atkore Stock Down 2.3%

The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 6.37 and a beta of 2.06. 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’s 50-day moving average is $64.35 and its 200 day moving average is $71.66.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.52 by $0.52. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The business had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. During the same period last year, the business posted $4.08 EPS. The company’s revenue was down 11.5% on a year-over-year basis. Sell-side analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Friday, May 16th were issued a $0.33 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.32 dividend on an annualized basis and a yield of 2.00%. This is an increase from Atkore’s previous quarterly dividend of $0.32. Atkore’s dividend payout ratio is currently 25.38%.

Insider Buying and Selling

In other news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $69.16, for a total value of $69,160.00. Following the completion of the transaction, the insider now owns 32,828 shares in the company, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.99% of the company’s stock.

Institutional Trading of Atkore

A number of institutional investors and hedge funds have recently modified their holdings of ATKR. Van Den Berg Management I Inc. boosted its stake in Atkore by 0.4% during the 4th 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 Atkore by 0.8% in the 4th quarter. Isthmus Partners LLC now owns 21,441 shares of the company’s stock valued at $1,789,000 after acquiring an additional 162 shares during the period. Xponance Inc. boosted its position in Atkore by 6.9% during the 4th quarter. Xponance Inc. now owns 2,569 shares of the company’s stock worth $214,000 after acquiring an additional 166 shares during the period. MetLife Investment Management LLC boosted its stake in Atkore by 0.8% in the 4th quarter. MetLife Investment Management LLC now owns 21,357 shares of the company’s stock worth $1,782,000 after purchasing an additional 171 shares during the period. Finally, SummerHaven Investment Management LLC grew its position in Atkore by 3.0% during the 1st quarter. SummerHaven Investment Management LLC now owns 6,039 shares of the company’s stock worth $362,000 after purchasing an additional 177 shares in the last quarter.

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.