Atkore (NYSE:ATKR) Reaches New 1-Year High – Should You Buy?

Atkore Inc. (NYSE:ATKR) shares hit a new 52-week high during trading on Monday. The company traded as high as $94.90 and last traded at $94.8950, with a volume of 184,972 shares changing hands. The stock had previously closed at $94.84.

Analysts Set New Price Targets

Several research firms recently weighed in on ATKR. Weiss Ratings raised Atkore from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and increased their target price for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $143.33.

Atkore Stock Up 0.0%

The stock has a 50 day simple moving average of $94.15 and a 200 day simple moving average of $81.33. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -19.73 and a beta of 1.69.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The firm had revenue of $794.80 million during the quarter, compared to analysts’ expectations of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same period last year, the company earned $2.17 earnings per share. As a group, analysts expect that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were given a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a yield of 1.4%. Atkore’s dividend payout ratio (DPR) is presently -27.44%.

Insider Buying and Selling

In other news, insider Mark Lamps sold 300 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the completion of the sale, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Atkore

A number of institutional investors and hedge funds have recently bought and sold shares of ATKR. Contravisory Investment Management Inc. purchased a new stake in Atkore in the 3rd quarter valued at $461,000. GAMMA Investing LLC boosted its holdings in Atkore by 37.7% during the 3rd quarter. GAMMA Investing LLC now owns 435 shares of the company’s stock worth $41,000 after acquiring an additional 119 shares during the last quarter. Tidal Investments LLC boosted its holdings in Atkore by 61.8% during the 2nd quarter. Tidal Investments LLC now owns 51,660 shares of the company’s stock worth $3,928,000 after acquiring an additional 19,729 shares during the last quarter. Engineers Gate Manager LP grew its stake in shares of Atkore by 723.5% in the 2nd quarter. Engineers Gate Manager LP now owns 57,071 shares of the company’s stock worth $4,340,000 after acquiring an additional 50,141 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Atkore in the 2nd quarter worth $31,000.

Atkore Company Profile

Atkore Inc is a manufacturer of electrical, safety and infrastructure products for the construction, industrial and commercial markets. The company supplies systems and components used to manage, protect and route electrical wiring and cable, as well as products that support structural and safety applications.

Its product portfolio includes electrical raceway systems, conduit, fittings, cable management products, wire and cable, mechanical tubing, framing systems, and related safety and infrastructure solutions.