Atkore (NYSE:ATKR) Cut to Hold at StockNews.com

Atkore (NYSE:ATKR) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

A number of other brokerages have also commented on ATKR. Royal Bank of Canada reissued an “outperform” rating and set a $187.00 price target on shares of Atkore in a report on Friday, March 22nd. Citigroup decreased their target price on Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday.

Atkore Stock Performance

Shares of ATKR traded up $3.35 during trading hours on Wednesday, reaching $157.69. 995,265 shares of the company’s stock traded hands, compared to its average volume of 483,466. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 9.45 and a beta of 2.19. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. Atkore has a twelve month low of $116.14 and a twelve month high of $194.98. The business’s fifty day simple moving average is $176.60 and its two-hundred day simple moving average is $155.43.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86. The company had revenue of $792.90 million for the quarter, compared to analyst estimates of $808.22 million. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company earned $4.31 earnings per share. Analysts predict that Atkore will post 15.06 earnings per share for the current year.

Insider Activity at Atkore

In related news, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider John W. Pregenzer sold 6,548 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $158.49, for a total value of $1,037,792.52. Following the completion of the transaction, the insider now owns 30,430 shares in the company, valued at approximately $4,822,850.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William E. Jr. Waltz sold 43,072 shares of the stock in a transaction 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 owns 83,716 shares of the company’s stock, valued at approximately $13,434,743.68. The disclosure for this sale can be found here. Insiders sold 148,464 shares of company stock valued at $25,124,751 over the last 90 days. 2.56% 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 modified their holdings of ATKR. ICA Group Wealth Management LLC acquired a new position in Atkore in the 4th quarter valued at approximately $25,000. GAMMA Investing LLC acquired a new position in shares of Atkore in the fourth quarter worth $26,000. Orion Capital Management LLC acquired a new position in shares of Atkore in the third quarter worth $30,000. Anchor Investment Management LLC purchased a new stake in shares of Atkore during the fourth quarter worth $32,000. Finally, LifeSteps Financial Inc. acquired a new stake in Atkore during the first quarter valued at $33,000.

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.