Atkore (NYSE:ATKR) Reaches New 1-Year Low – What’s Next?

Atkore Inc. (NYSE:ATKR) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $55.33 and last traded at $55.76, with a volume of 162614 shares. The stock had previously closed at $61.48.

Analysts Set New Price Targets

Several equities research analysts have commented on ATKR shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective (up previously from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a research report on Monday, December 16th. Loop Capital cut shares of Atkore from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Roth Mkm assumed coverage on shares of Atkore in a research report on Tuesday, December 17th. They issued a “buy” rating and a $100.00 target price for the company. Finally, KeyCorp decreased their price objective on Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Atkore has an average rating of “Moderate Buy” and an average target price of $103.17.

Atkore Stock Down 10.6 %

The company’s 50-day simple moving average is $67.65 and its two-hundred day simple moving average is $80.38. The firm has a market capitalization of $1.91 billion, a P/E ratio of 5.32 and a beta of 2.02. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.05 by $0.45. The business had revenue of $661.60 million during the quarter, compared to analyst estimates of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. Atkore’s quarterly revenue was down 17.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.12 earnings per share. As a group, research analysts expect that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were issued a $0.32 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.33%. Atkore’s payout ratio is 12.39%.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the completion of the transaction, the insider now owns 33,760 shares in the company, valued at $2,194,400. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atkore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ATKR. Citigroup Inc. boosted its stake in shares of Atkore by 56.8% during the 3rd quarter. Citigroup Inc. now owns 47,241 shares of the company’s stock worth $4,003,000 after acquiring an additional 17,106 shares in the last quarter. Townsquare Capital LLC increased its holdings in Atkore by 11.0% in the 3rd quarter. Townsquare Capital LLC now owns 2,733 shares of the company’s stock worth $232,000 after acquiring an additional 271 shares in the last quarter. Glenmede Trust Co. NA raised its position in Atkore by 6.0% during the third quarter. Glenmede Trust Co. NA now owns 4,523 shares of the company’s stock worth $383,000 after acquiring an additional 256 shares during the period. Verition Fund Management LLC lifted its holdings in Atkore by 235.6% during the third quarter. Verition Fund Management LLC now owns 11,036 shares of the company’s stock valued at $935,000 after purchasing an additional 7,748 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Atkore in the 3rd quarter valued at about $144,000.

About Atkore

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.