Analysts Set Atkore Inc. (NYSE:ATKR) Price Target at $70.00

Atkore Inc. (NYSE:ATKR) has received a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $70.00.

A number of research analysts have recently commented on the company. Citigroup cut their target price on Atkore from $66.00 to $64.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. Roth Capital upped their price objective on Atkore from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, December 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Atkore in a research note on Monday, December 29th. KeyCorp restated a “sector weight” rating on shares of Atkore in a report on Friday, November 14th. Finally, CJS Securities raised shares of Atkore to a “strong-buy” rating in a research note on Thursday, December 11th.

Atkore Stock Down 0.7%

NYSE ATKR opened at $67.41 on Thursday. 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 52 week low of $49.92 and a 52 week high of $89.46. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -129.63 and a beta of 1.58. The company has a fifty day moving average of $65.13 and a two-hundred day moving average of $65.46.

Atkore (NYSE:ATKR) last released its quarterly 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 positive return on equity of 12.98% and a negative net margin of 0.53%.The firm had revenue of $752.01 million for the quarter, compared to analysts’ expectations of $733.61 million. During the same period in the prior year, the firm posted $2.43 earnings per share. Atkore’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, analysts predict that Atkore will post 5.79 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.0%. Atkore’s dividend payout ratio (DPR) is -253.85%.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $64.75, for a total value of $64,750.00. Following the transaction, the insider owned 29,923 shares of the company’s stock, valued at $1,937,514.25. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Atkore

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Atkore by 8.1% in the third quarter. Vanguard Group Inc. now owns 3,632,594 shares of the company’s stock worth $227,909,000 after acquiring an additional 273,466 shares during the period. First Trust Advisors LP raised its holdings in shares of Atkore by 13.9% in the 2nd quarter. First Trust Advisors LP now owns 1,757,797 shares of the company’s stock valued at $124,013,000 after purchasing an additional 213,858 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Atkore by 14.3% in the 3rd quarter. American Century Companies Inc. now owns 1,158,103 shares of the company’s stock valued at $72,659,000 after purchasing an additional 144,844 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Atkore by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,036,079 shares of the company’s stock worth $64,998,000 after purchasing an additional 18,951 shares during the period. Finally, LSV Asset Management boosted its stake in shares of Atkore by 2.2% during the third quarter. LSV Asset Management now owns 907,600 shares of the company’s stock valued at $56,943,000 after purchasing an additional 19,800 shares in the last quarter.

Atkore Company Profile

Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.