Atkore (NYSE:ATKR) Sets New 1-Year High at $191.16

Atkore Inc. (NYSE:ATKR) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $191.16 and last traded at $190.36, with a volume of 481610 shares trading hands. The stock had previously closed at $186.06.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ATKR shares. Royal Bank of Canada reissued an “outperform” rating and set a $187.00 price target on shares of Atkore in a research report on Friday, March 22nd. StockNews.com cut shares of Atkore from a “buy” rating to a “hold” rating in a research report on Tuesday, February 27th.

Atkore Price Performance

The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $7.00 billion, a PE ratio of 11.41 and a beta of 2.18. The firm’s fifty day simple moving average is $161.30 and its 200-day simple moving average is $148.74.

Atkore (NYSE:ATKR) last issued its earnings results on Thursday, February 1st. The company reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.08 by $1.04. Atkore had a net margin of 18.80% and a return on equity of 46.79%. The business had revenue of $798.50 million during the quarter, compared to analysts’ expectations of $777.05 million. During the same period in the previous year, the company earned $4.51 earnings per share. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, research analysts forecast that Atkore Inc. will post 15.06 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, February 26th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.67%. Atkore’s dividend payout ratio is presently 7.67%.

Insider Activity at Atkore

In related news, CEO William E. Jr. Waltz sold 43,072 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares in the company, valued at $13,434,743.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Atkore news, CEO William E. Jr. Waltz sold 43,072 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $160.48, for a total value of $6,912,194.56. Following the completion of the transaction, the chief executive officer now directly owns 83,716 shares in the company, valued at $13,434,743.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John W. Pregenzer sold 6,548 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the completion of the transaction, the insider now owns 30,430 shares of the company’s stock, valued at $4,822,850.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,464 shares of company stock worth $25,124,751. 2.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently modified their holdings of ATKR. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Atkore by 289.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,458 shares of the company’s stock worth $1,620,000 after buying an additional 12,234 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Atkore by 108.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,604 shares of the company’s stock worth $945,000 after buying an additional 4,989 shares in the last quarter. HighTower Advisors LLC raised its stake in Atkore by 2.5% during the first quarter. HighTower Advisors LLC now owns 16,070 shares of the company’s stock valued at $1,582,000 after purchasing an additional 388 shares in the last quarter. Cetera Advisor Networks LLC purchased a new stake in Atkore during the first quarter valued at $223,000. Finally, PNC Financial Services Group Inc. raised its stake in Atkore by 12.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,464 shares of the company’s stock valued at $931,000 after purchasing an additional 1,031 shares in the last quarter.

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.