Atkore Inc. (ATKR) to Issue Quarterly Dividend of $0.33 on December 17th

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Tuesday, November 18th. Investors of record on Friday, December 5th will be given a dividend of 0.33 per share on Wednesday, December 17th. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th.

Atkore has a payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Atkore to earn $5.36 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 24.6%.

Atkore Price Performance

NYSE ATKR traded up $1.28 during trading on Wednesday, hitting $66.33. 110,890 shares of the stock traded hands, compared to its average volume of 587,304. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.54. Atkore has a 12-month low of $49.92 and a 12-month high of $95.72. The firm has a 50-day simple moving average of $65.20 and a 200-day simple moving average of $65.88. The company has a market capitalization of $2.24 billion, a P/E ratio of -127.55 and a beta of 1.57.

Atkore (NYSE:ATKR) last posted its earnings results on Wednesday, November 19th. The company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.61). Atkore had a negative net margin of 0.53% and a positive return on equity of 12.98%. The firm had revenue of $752.01 million for the quarter, compared to the consensus estimate of $733.61 million. During the same quarter in the prior year, the company posted $2.43 earnings per share. The firm’s revenue was down 4.6% compared to the same quarter last year. As a group, analysts predict that Atkore will post 5.79 EPS for the current year.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $64.75, for a total value of $64,750.00. Following the transaction, the insider directly owned 29,923 shares in the company, valued at $1,937,514.25. This represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cambria Investment Management L.P. raised its position in Atkore by 14.9% during the 3rd quarter. Cambria Investment Management L.P. now owns 115,479 shares of the company’s stock valued at $7,245,000 after purchasing an additional 15,013 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Atkore in the third quarter worth about $225,000. Caitong International Asset Management Co. Ltd grew its holdings in Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after acquiring an additional 480 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Atkore during the 3rd quarter valued at about $21,214,000. Finally, Morningstar Investment Management LLC bought a new stake in shares of Atkore in the 3rd quarter valued at about $1,165,000.

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.