Atkore (NYSE:ATKR) Hits New 12-Month High – Here’s What Happened

Atkore Inc. (NYSE:ATKR) shares hit a new 52-week high on Monday . The stock traded as high as $93.85 and last traded at $93.7680, with a volume of 365739 shares traded. The stock had previously closed at $93.71.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Royal Bank Of Canada set a $76.00 price objective on shares of Atkore in a report on Thursday, July 16th. Wall Street Zen upgraded Atkore from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Citigroup lifted their price target on Atkore from $74.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Roth Capital lowered Atkore from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Atkore in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $143.33.

Atkore Stock Performance

The business’s 50-day moving average price is $77.83 and its 200-day moving average price is $71.61. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The stock has a market cap of $3.17 billion, a PE ratio of -19.51 and a beta of 1.68.

Atkore (NYSE:ATKR) last posted its earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The company had revenue of $794.80 million during the quarter, compared to analysts’ expectations of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same quarter in the prior year, the company posted $2.17 earnings per share. As a group, equities research analysts expect that Atkore Inc. will post 4.75 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, August 18th. Atkore’s dividend payout ratio is currently -27.44%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Atkore during the 2nd quarter valued at about $236,958,000. First Trust Advisors LP boosted its holdings in Atkore by 18.7% in the fourth quarter. First Trust Advisors LP now owns 1,385,741 shares of the company’s stock worth $87,648,000 after acquiring an additional 218,358 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Atkore by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company’s stock worth $72,341,000 after acquiring an additional 97,514 shares during the last quarter. LSV Asset Management grew its stake in shares of Atkore by 5.8% during the fourth quarter. LSV Asset Management now owns 960,450 shares of the company’s stock worth $60,748,000 after acquiring an additional 52,850 shares during the last quarter. Finally, Coliseum Capital Management LLC purchased a new stake in shares of Atkore during the fourth quarter worth about $51,189,000.

About Atkore

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.