Royal Bank of Canada Reiterates “Sector Perform” Rating for Atkore (NYSE:ATKR)

Atkore (NYSE:ATKR)‘s stock had its “sector perform” rating reaffirmed by Royal Bank of Canada in a note issued to investors on Wednesday,Benzinga reports. They presently have a $102.00 price target on the stock, up from their previous price target of $93.00. Royal Bank of Canada’s target price would suggest a potential upside of 8.96% from the company’s previous close.

Other research analysts have also issued research reports about the company. B. Riley lowered Atkore from a “buy” rating to a “neutral” rating and dropped their target price for the company from $135.00 to $84.00 in a report on Friday, November 22nd. KeyCorp reduced their price objective on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday, September 13th. Finally, Loop Capital reduced their price target on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $118.80.

Atkore Stock Performance

Shares of ATKR traded down $0.27 during mid-day trading on Wednesday, reaching $93.61. 116,210 shares of the company’s stock were exchanged, compared to its average volume of 634,733. The business’s fifty day simple moving average is $88.84 and its 200-day simple moving average is $109.68. Atkore has a 52-week low of $76.01 and a 52-week high of $194.98. The stock has a market capitalization of $3.27 billion, a PE ratio of 7.41 and a beta of 2.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96.

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

Insiders Place Their Bets

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 transaction of $315,282.59. Following the completion of the transaction, the director now directly owns 25,585 shares of the company’s stock, valued at $2,405,757.55. This trade represents a 11.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now directly owns 27,626 shares in the company, valued at approximately $2,667,290.30. The trade was a 1.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,924 shares of company stock worth $1,614,975. 2.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ATKR. Allspring Global Investments Holdings LLC raised its position in shares of Atkore by 26.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock valued at $104,599,000 after buying an additional 261,234 shares during the last quarter. American Century Companies Inc. grew its position in shares of Atkore by 22.9% in the second quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock valued at $104,395,000 after purchasing an additional 144,283 shares during the period. Royce & Associates LP increased its stake in Atkore by 20.2% in the third quarter. Royce & Associates LP now owns 396,054 shares of the company’s stock valued at $33,562,000 after purchasing an additional 66,533 shares during the last quarter. William Blair Investment Management LLC lifted its position in Atkore by 5.4% during the second quarter. William Blair Investment Management LLC now owns 395,388 shares of the company’s stock worth $53,350,000 after buying an additional 20,229 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Atkore by 23.5% in the 2nd quarter. Principal Financial Group Inc. now owns 336,835 shares of the company’s stock worth $45,449,000 after buying an additional 64,050 shares during the last quarter.

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.