Atkore Inc. (NYSE:ATKR) Short Interest Down 6.0% in January

Atkore Inc. (NYSE:ATKR) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 2,350,000 shares, a decline of 6.0% from the January 15th total of 2,500,000 shares. Based on an average daily volume of 737,200 shares, the days-to-cover ratio is currently 3.2 days. Currently, 7.0% of the company’s shares are short sold.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction that occurred on Monday, February 10th. The stock was 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 directly owns 33,760 shares in the company, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the sale, the vice president now owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,924 shares of company stock worth $1,599,200. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Atkore

A number of hedge funds have recently bought and sold shares of ATKR. Creative Planning lifted its holdings in Atkore by 37.1% during the third quarter. Creative Planning now owns 7,658 shares of the company’s stock worth $649,000 after acquiring an additional 2,073 shares during the period. Blue Trust Inc. lifted its holdings in Atkore by 15.2% during the third quarter. Blue Trust Inc. now owns 2,397 shares of the company’s stock worth $203,000 after acquiring an additional 316 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Atkore by 26.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after acquiring an additional 261,234 shares during the period. Signaturefd LLC lifted its holdings in Atkore by 445.6% during the third quarter. Signaturefd LLC now owns 491 shares of the company’s stock worth $42,000 after acquiring an additional 401 shares during the period. Finally, E. Ohman J or Asset Management AB lifted its holdings in Atkore by 3.7% during the third quarter. E. Ohman J or Asset Management AB now owns 205,125 shares of the company’s stock worth $17,382,000 after acquiring an additional 7,256 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ATKR. KeyCorp lowered their target price on Atkore from $105.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Roth Mkm assumed coverage on Atkore in a research note on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price objective for the company. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. Royal Bank of Canada reissued 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. Finally, Loop Capital cut Atkore from a “buy” rating to a “hold” rating and reduced their price objective for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

Atkore Stock Down 2.8 %

Shares of NYSE:ATKR opened at $68.22 on Thursday. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 6.60 and a beta of 2.12. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. Atkore has a 12-month low of $62.62 and a 12-month high of $194.98. The business’s 50 day moving average is $80.14 and its 200 day moving average is $86.71.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.45. The company had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $680.77 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. Atkore’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.12 earnings per share. On average, sell-side analysts forecast that Atkore will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Tuesday, February 18th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.28 annualized dividend and a dividend yield of 1.88%. Atkore’s payout ratio is 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.