Atkore Inc. (NYSE:ATKR) Declares $0.33 Quarterly Dividend

Atkore Inc. (NYSE:ATKR) declared a quarterly dividend on Wednesday, January 28th. Stockholders of record on Tuesday, February 17th will be given a dividend of 0.33 per share on Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, February 17th.

Atkore has a dividend payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Atkore to earn $5.36 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 24.6%.

Atkore Price Performance

Shares of ATKR traded up $1.18 during trading hours on Thursday, reaching $69.54. The company had a trading volume of 88,764 shares, compared to its average volume of 363,449. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.54. Atkore has a 12-month low of $49.92 and a 12-month high of $83.86. The firm has a 50 day simple moving average of $66.34 and a 200-day simple moving average of $65.21. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -133.82 and a beta of 1.58.

Atkore (NYSE:ATKR) last issued its earnings results on Wednesday, November 19th. The company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.61). Atkore had a positive return on equity of 12.98% and a negative net margin of 0.53%.The company had revenue of $752.01 million for the quarter, compared to analyst estimates of $733.61 million. During the same quarter in the previous year, the company posted $2.43 earnings per share. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. Research analysts expect that Atkore will post 5.79 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d)” rating on shares of Atkore in a report on Monday, December 29th. Roth Mkm boosted their target price on Atkore from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. CJS Securities raised Atkore to a “strong-buy” rating in a report on Thursday, December 11th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $64.00 price target on shares of Atkore in a research note on Thursday, January 15th. Finally, Citigroup decreased their price objective on shares of Atkore from $66.00 to $64.00 and set a “neutral” rating on the stock in a research report on Friday, November 21st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $68.80.

Atkore Company Profile

Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.