Atkore Inc. (NYSE:ATKR) Announces $0.32 Quarterly Dividend

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Investors of record on Tuesday, February 18th will be given a dividend of 0.32 per share on Friday, February 28th. This represents a $1.28 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Tuesday, February 18th.

Atkore has a payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Atkore to earn $7.78 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 16.5%.

Atkore Stock Performance

Shares of ATKR opened at $81.45 on Friday. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $2.83 billion, a P/E ratio of 6.45 and a beta of 2.13. The firm’s fifty day simple moving average is $86.07 and its two-hundred day simple moving average is $93.29. Atkore has a 12 month low of $76.01 and a 12 month high of $194.98.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). The firm had revenue of $788.30 million for the quarter, compared to the consensus estimate of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. The business’s revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company posted $3.63 EPS. As a group, analysts predict that Atkore will post 6.62 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on ATKR shares. Roth Capital raised shares of Atkore to a “strong-buy” rating in a research report on Monday, December 16th. B. Riley cut shares of Atkore from a “buy” rating to a “neutral” rating and cut their price target for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 target price (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Roth Mkm started coverage on Atkore in a research note on Tuesday, December 17th. They issued a “buy” rating and a $100.00 target price for the company. Finally, Loop Capital reduced their target price on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atkore currently has a consensus rating of “Moderate Buy” and an average price target of $115.67.

Insider Buying and Selling at Atkore

In other Atkore news, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the completion of the transaction, the vice president now owns 27,528 shares in the company, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeri L. Isbell sold 3,353 shares of Atkore stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total transaction of $315,282.59. Following the transaction, the director now directly owns 25,585 shares in the company, valued at approximately $2,405,757.55. This represents a 11.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,924 shares of company stock worth $1,614,975. Insiders own 1.99% of the company’s stock.

Atkore Company Profile

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.