Atkore International Group (NYSE:ATKR) Rating Lowered to Sector Perform at Royal Bank of Canada

Atkore International Group (NYSE:ATKR) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Wednesday, MarketBeat Ratings reports. They presently have a $22.00 price objective on the stock, down from their prior price objective of $44.00. Royal Bank of Canada’s target price points to a potential downside of 1.35% from the company’s current price.

NYSE ATKR opened at $22.30 on Wednesday. The company has a debt-to-equity ratio of 3.11, a quick ratio of 1.74 and a current ratio of 2.61. The firm has a 50-day simple moving average of $34.65 and a 200 day simple moving average of $36.39. Atkore International Group has a twelve month low of $10.85 and a twelve month high of $43.50. The stock has a market cap of $881.78 million, a PE ratio of 7.41 and a beta of 1.69.

Atkore International Group (NYSE:ATKR) last released its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.16. Atkore International Group had a net margin of 7.68% and a return on equity of 67.84%. The business had revenue of $447.45 million during the quarter, compared to analysts’ expectations of $463.80 million. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis.

In other Atkore International Group news, insider Peter J. Lariviere sold 6,000 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $42.27, for a total transaction of $253,620.00. Following the completion of the transaction, the insider now owns 110,213 shares in the company, valued at $4,658,703.51. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Peter J. Lariviere sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $37.74, for a total transaction of $37,740.00. Following the transaction, the insider now owns 109,213 shares of the company’s stock, valued at approximately $4,121,698.62. The disclosure for this sale can be found here. 1.78% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ATKR. Advisor Group Inc. lifted its stake in Atkore International Group by 95.2% during the fourth quarter. Advisor Group Inc. now owns 697 shares of the company’s stock worth $28,000 after purchasing an additional 340 shares during the period. Steward Partners Investment Advisory LLC bought a new position in Atkore International Group during the fourth quarter worth about $39,000. Sowell Financial Services LLC bought a new position in Atkore International Group during the fourth quarter worth about $45,000. Group One Trading L.P. bought a new position in Atkore International Group during the fourth quarter worth about $59,000. Finally, C M Bidwell & Associates Ltd. bought a new position in Atkore International Group during the fourth quarter worth about $61,000. Hedge funds and other institutional investors own 96.34% of the company’s stock.

Atkore International Group Company Profile

Atkore International Group Inc manufactures and distributes electrical raceway products, and mechanical products and solutions (MP&S) in the United States and internationally. The company offers electrical raceway products, including electrical conduits and fittings, armored cables and fittings, and cable trays and mounting systems and fittings.

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