Atkore (NYSE:ATKR) Hits New 52-Week Low – Here’s What Happened

Atkore Inc. (NYSE:ATKR) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $55.33 and last traded at $55.76, with a volume of 162614 shares traded. The stock had previously closed at $61.48.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 target price (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. Roth Mkm began coverage on Atkore in a report on Tuesday, December 17th. They set a “buy” rating and a $100.00 target price on the stock. Loop Capital lowered shares of Atkore from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. KeyCorp cut their price target on Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Finally, Roth Capital upgraded Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Atkore Trading Down 10.6 %

The business’s fifty day simple moving average is $67.65 and its two-hundred day simple moving average is $80.38. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $1.91 billion, a P/E ratio of 5.32 and a beta of 2.02.

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

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Tuesday, February 18th. Atkore’s dividend payout ratio (DPR) is presently 12.39%.

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the sale, the insider now directly owns 33,760 shares in the company, valued at approximately $2,194,400. This trade represents a 1.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently made changes to their positions in ATKR. Jones Financial Companies Lllp grew its position in shares of Atkore by 87.7% in the fourth quarter. Jones Financial Companies Lllp now owns 398 shares of the company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Atkore by 358.9% in the first quarter. Versant Capital Management Inc now owns 693 shares of the company’s stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Quarry LP lifted its holdings in Atkore by 48.8% in the third quarter. Quarry LP now owns 634 shares of the company’s stock valued at $54,000 after buying an additional 208 shares during the period. Pacer Advisors Inc. boosted its position in shares of Atkore by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 841 shares of the company’s stock valued at $70,000 after purchasing an additional 195 shares in the last quarter. Finally, Harbour Investments Inc. increased its stake in shares of Atkore by 3,333.3% in the 4th quarter. Harbour Investments Inc. now owns 1,030 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares in 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.