Atkore (NYSE:ATKR) Upgraded at Roth Capital

Roth Capital upgraded shares of Atkore (NYSE:ATKR) to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the company. Loop Capital cut their target price on Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and lowered their price target for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. KeyCorp reduced their price objective 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. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price objective (up previously from $93.00) on shares of Atkore in a report on Wednesday, December 4th. Finally, Roth Mkm began coverage on shares of Atkore in a report on Tuesday. They issued a “buy” rating and a $100.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.67.

Atkore Stock Performance

Shares of NYSE:ATKR opened at $82.02 on Monday. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. Atkore has a 1-year low of $76.01 and a 1-year high of $194.98. The stock has a market capitalization of $2.86 billion, a P/E ratio of 6.49 and a beta of 2.10. The business has a 50-day moving average price of $89.54 and a two-hundred day moving average price of $104.91.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.06). The business had revenue of $788.30 million during the quarter, compared to analyst estimates of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. The company’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.63 earnings per share. Equities analysts predict that Atkore will post 6.69 earnings per share for the current year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, December 6th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.56%. Atkore’s dividend payout ratio (DPR) is presently 10.13%.

Insiders Place Their Bets

In other Atkore news, Director Jeri L. Isbell sold 3,353 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the sale, the director now owns 25,585 shares in the company, valued at $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the completion of the transaction, the vice president now directly owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. This trade represents a 32.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,924 shares of company stock valued at $1,614,975 in the last three months. 2.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atkore

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System raised its stake in Atkore by 0.8% in the second quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock valued at $1,389,000 after buying an additional 85 shares during the period. SummerHaven Investment Management LLC raised its stake in Atkore by 2.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock valued at $667,000 after acquiring an additional 99 shares during the period. Meixler Investment Management Ltd. raised its stake in Atkore by 6.5% in the 2nd quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock valued at $263,000 after acquiring an additional 119 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Atkore by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock valued at $555,000 after purchasing an additional 129 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. increased its holdings in shares of Atkore by 3.9% in the third quarter. Cornercap Investment Counsel Inc. now owns 5,090 shares of the company’s stock valued at $431,000 after purchasing an additional 189 shares during 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.