Atkore Inc. (NYSE:ATKR) Sees Significant Decrease in Short Interest

Atkore Inc. (NYSE:ATKR) saw a large decrease in short interest during the month of December. As of December 15th, there was short interest totaling 1,922,089 shares, a decrease of 15.9% from the November 30th total of 2,286,012 shares. Approximately 5.8% of the company’s shares are short sold. Based on an average daily volume of 500,699 shares, the short-interest ratio is presently 3.8 days. Based on an average daily volume of 500,699 shares, the short-interest ratio is presently 3.8 days. Approximately 5.8% of the company’s shares are short sold.

Atkore Stock Down 0.5%

NYSE:ATKR opened at $63.82 on Wednesday. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.54. Atkore has a twelve month low of $49.92 and a twelve month high of $89.46. The company has a market cap of $2.15 billion, a PE ratio of -122.72 and a beta of 1.57. The company’s 50 day moving average is $65.55 and its two-hundred day moving average is $65.53.

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

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Friday, December 5th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, December 5th. Atkore’s payout ratio is presently -253.85%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. CJS Securities raised Atkore to a “strong-buy” rating in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Atkore in a research note on Monday. Citigroup reduced their price objective on shares of Atkore from $66.00 to $64.00 and set a “neutral” rating for the company in a research note on Friday, November 21st. Roth Capital boosted their price target on Atkore from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, KeyCorp restated a “sector weight” rating on shares of Atkore in a research note on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $70.00.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm’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 completion of the sale, the insider owned 29,923 shares of the company’s stock, valued at $1,937,514.25. This trade 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 at this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ATKR. California State Teachers Retirement System boosted its position in Atkore by 0.7% in the second quarter. California State Teachers Retirement System now owns 33,067 shares of the company’s stock valued at $2,333,000 after buying an additional 214 shares during the last quarter. Osaic Holdings Inc. lifted its stake in Atkore by 15.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,794 shares of the company’s stock valued at $127,000 after acquiring an additional 240 shares during the period. SummerHaven Investment Management LLC boosted its holdings in shares of Atkore by 4.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 6,283 shares of the company’s stock valued at $443,000 after acquiring an additional 244 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Atkore by 61.8% in the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after acquiring an additional 246 shares during the period. Finally, Matrix Trust Co raised its holdings in shares of Atkore by 6.2% during the third quarter. Matrix Trust Co now owns 4,391 shares of the company’s stock worth $275,000 after purchasing an additional 258 shares during 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.