Atkore Inc. (NYSE:ATKR) Short Interest Down 12.9% in November

Atkore Inc. (NYSE:ATKR) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 3,110,000 shares, a drop of 12.9% from the October 31st total of 3,570,000 shares. Approximately 9.1% of the company’s shares are short sold. Based on an average daily volume of 695,800 shares, the short-interest ratio is currently 4.5 days.

Insider Buying and Selling

In other news, Director Jeri L. Isbell sold 3,353 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 25,585 shares of the company’s stock, valued at approximately $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction that occurred on 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 owns 27,528 shares of the company’s stock, valued at $2,635,530.72. This trade represents a 32.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,924 shares of company stock valued at $1,614,975. Company insiders own 2.56% of the company’s stock.

Institutional Trading of Atkore

Several institutional investors have recently modified their holdings of ATKR. Tidal Investments LLC raised its stake in Atkore by 38.7% during the 3rd quarter. Tidal Investments LLC now owns 23,744 shares of the company’s stock worth $2,012,000 after acquiring an additional 6,628 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Atkore during the third quarter worth about $867,000. Vestcor Inc lifted its holdings in shares of Atkore by 130.9% in the 3rd quarter. Vestcor Inc now owns 7,408 shares of the company’s stock valued at $628,000 after purchasing an additional 4,200 shares during the last quarter. Barclays PLC boosted its position in shares of Atkore by 50.2% in the 3rd quarter. Barclays PLC now owns 70,736 shares of the company’s stock valued at $5,994,000 after purchasing an additional 23,628 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its stake in Atkore by 729.5% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 27,831 shares of the company’s stock worth $2,358,000 after buying an additional 24,476 shares during the last quarter.

Analyst Ratings Changes

ATKR has been the subject of several research reports. Royal Bank of Canada dropped their price target on shares of Atkore from $99.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, November 22nd. B. Riley downgraded Atkore from a “buy” rating to a “neutral” rating and cut their price target for the stock from $135.00 to $84.00 in a report on Friday, November 22nd. KeyCorp decreased their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Finally, Loop Capital cut their target price on shares of Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $117.00.

Atkore Stock Down 0.3 %

Shares of NYSE:ATKR traded down $0.30 on Tuesday, hitting $93.88. 339,516 shares of the company’s stock were exchanged, compared to its average volume of 911,186. Atkore has a 1-year low of $76.01 and a 1-year high of $194.98. The company has a market capitalization of $3.28 billion, a PE ratio of 7.43 and a beta of 2.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. The firm’s 50-day moving average is $88.67 and its 200 day moving average is $110.09.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, December 6th will be paid a $0.32 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.28 annualized dividend and a yield of 1.36%. Atkore’s dividend payout ratio is currently 10.13%.

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.