Atkore (NYSE:ATKR) Shares Gap Up Following Analyst Upgrade

Atkore Inc. (NYSE:ATKR) gapped up before the market opened on Tuesday after Royal Bank of Canada raised their price target on the stock from $64.00 to $65.00. The stock had previously closed at $56.73, but opened at $62.32. Royal Bank of Canada currently has a sector perform rating on the stock. Atkore shares last traded at $60.46, with a volume of 68,865 shares.

ATKR has been the topic of a number of other research reports. Citigroup lowered their price objective on Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. KeyCorp cut their target price on Atkore from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Loop Capital lowered shares of Atkore from a “buy” rating to a “hold” rating and lowered their price target for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.00.

Insider Buying and Selling

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

Hedge Funds Weigh In On Atkore

Several institutional investors and hedge funds have recently bought and sold shares of ATKR. Harbor Capital Advisors Inc. lifted its holdings in Atkore by 97.0% during the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company’s stock valued at $32,000 after purchasing an additional 259 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Atkore by 87.7% in the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company’s stock valued at $33,000 after buying an additional 186 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Atkore by 1,514.7% in the first quarter. GAMMA Investing LLC now owns 549 shares of the company’s stock worth $33,000 after buying an additional 515 shares in the last quarter. Versant Capital Management Inc boosted its stake in Atkore by 358.9% during the first quarter. Versant Capital Management Inc now owns 693 shares of the company’s stock valued at $42,000 after buying an additional 542 shares during the period. Finally, Pacer Advisors Inc. boosted its position in shares of Atkore by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 841 shares of the company’s stock valued at $70,000 after acquiring an additional 195 shares during the last quarter.

Atkore Stock Performance

The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $2.16 billion, a P/E ratio of 6.04 and a beta of 2.02. The company’s 50-day moving average is $61.96 and its two-hundred day moving average is $77.36.

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

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Tuesday, February 18th. Atkore’s dividend payout ratio is presently 12.39%.

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.