Atkore (NYSE:ATKR) Sees Strong Trading Volume

Atkore Inc. (NYSE:ATKR) shares saw strong trading volume on Tuesday . 1,372,742 shares traded hands during mid-day trading, an increase of 129% from the previous session’s volume of 598,777 shares.The stock last traded at $93.68 and had previously closed at $94.58.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. B. Riley lowered their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. KeyCorp dropped their price target on Atkore from $175.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Citigroup reduced their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. StockNews.com downgraded shares of Atkore from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Finally, Royal Bank of Canada cut shares of Atkore from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $175.00 to $100.00 in a report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $137.00.

Atkore Stock Up 1.8 %

The firm has a market capitalization of $3.43 billion, a PE ratio of 5.87 and a beta of 2.15. The stock has a 50-day simple moving average of $129.95 and a 200-day simple moving average of $152.57. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.28. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The firm had revenue of $822.40 million during the quarter, compared to analyst estimates of $830.16 million. During the same period last year, the company earned $5.13 earnings per share. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. Analysts forecast that Atkore Inc. will post 14.93 EPS for the current year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.36%. Atkore’s dividend payout ratio (DPR) is currently 7.98%.

Insider Activity at Atkore

In related news, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atkore news, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the transaction, the director now owns 15,695 shares in the company, valued at $2,404,944.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the sale, the insider now owns 28,086 shares in the company, valued at approximately $2,681,370.42. The disclosure for this sale can be found here. 2.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ATKR. SummerHaven Investment Management LLC grew its holdings in Atkore by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 4,782 shares of the company’s stock valued at $765,000 after purchasing an additional 69 shares during the period. Roman Butler Fullerton & Co. increased its holdings in Atkore by 3.2% in the 4th quarter. Roman Butler Fullerton & Co. now owns 2,755 shares of the company’s stock worth $422,000 after acquiring an additional 85 shares in the last quarter. Arizona State Retirement System increased its holdings in Atkore by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock worth $1,389,000 after acquiring an additional 85 shares in the last quarter. Opinicus Capital Inc. lifted its holdings in Atkore by 3.8% during the first quarter. Opinicus Capital Inc. now owns 3,263 shares of the company’s stock valued at $621,000 after purchasing an additional 118 shares in the last quarter. Finally, Meixler Investment Management Ltd. boosted its position in shares of Atkore by 6.5% in the second quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock worth $263,000 after purchasing an additional 119 shares during the period.

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.