Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 4,220,000 shares, a drop of 9.4% from the August 15th total of 4,660,000 shares. Approximately 11.9% of the company’s stock are short sold. Based on an average trading volume of 829,200 shares, the days-to-cover ratio is currently 5.1 days.

Atkore Trading Down 0.9 %

Shares of ATKR traded down $0.76 during mid-day trading on Wednesday, reaching $86.66. The stock had a trading volume of 602,785 shares, compared to its average volume of 623,414. The business’s fifty day moving average is $108.60 and its 200 day moving average is $142.41. Atkore has a 52-week low of $80.11 and a 52-week high of $194.98. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 5.40 and a beta of 2.15.

Atkore (NYSE:ATKR) last issued its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.28. The firm had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The firm’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $5.13 earnings per share. On average, sell-side analysts predict that Atkore will post 12.69 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were paid a $0.32 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.48%. Atkore’s dividend payout ratio is currently 7.98%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ATKR shares. Royal Bank of Canada downgraded shares of Atkore from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $175.00 to $100.00 in a report on Wednesday, August 7th. B. Riley decreased their target price on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, KeyCorp lowered their target price on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $132.00.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,086 shares of the company’s stock, valued at $2,681,370.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. ICA Group Wealth Management LLC acquired a new position in Atkore in the fourth quarter valued at $25,000. LifeSteps Financial Inc. acquired a new stake in shares of Atkore in the 1st quarter valued at about $33,000. Quarry LP acquired a new stake in shares of Atkore in the 2nd quarter valued at about $57,000. Mather Group LLC. grew its stake in Atkore by 895.7% during the 2nd quarter. Mather Group LLC. now owns 468 shares of the company’s stock worth $63,000 after buying an additional 421 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Atkore during the fourth quarter worth approximately $66,000.

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.