Atkore Inc. (NYSE:ATKR) Sees Significant Decrease in Short Interest

Key Points

• Atkore Inc. reported a significant decline in short interest, dropping by 21.5% from July to August, with current short interest at 1,240,000 shares.
• The company declared a quarterly dividend of $0.33 per share, resulting in an annualized yield of 2.3%, with a payout ratio of 42.31%.
• Institutional investors have notably increased their stakes in Atkore, with Gates Capital Management's holdings growing by 25.2% in the first quarter alone.

Atkore Inc. (NYSE:ATKR - Get Free Report) saw a significant drop in short interest during the month of August. As of August 15th, there was short interest totaling 1,240,000 shares, adropof21.5% from the July 31st total of 1,580,000 shares. Based on an average daily volume of 550,300 shares, the days-to-cover ratio is currently 2.3 days. Currently,3.8% of the shares of the company are short sold. Currently,3.8% of the shares of the company are short sold. Based on an average daily volume of 550,300 shares, the days-to-cover ratio is currently 2.3 days.

Analyst Ratings Changes

Several brokerages have recently weighed in on ATKR. Citigroup reiterated a "neutral" rating and set a $80.00 price target (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. KeyCorp reiterated a "sector weight" rating on shares of Atkore in a research note on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $79.57.

Atkore Price Performance

NYSE ATKR traded down $0.47 on Tuesday, reaching $58.05. The company had a trading volume of 294,192 shares, compared to its average volume of 596,939. The company has a quick ratio of 2.08, a current ratio of 3.09 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $1.95 billion, a PE ratio of 18.59 and a beta of 2.16. The firm's 50 day moving average price is $66.66 and its 200 day moving average price is $65.02. Atkore has a 12 month low of $49.92 and a 12 month high of $105.28.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, August 19th. Atkore's payout ratio is currently 42.31%.

Insider Transactions at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $59.37, for a total value of $59,370.00. Following the sale, the insider owned 31,873 shares in the company, valued at approximately $1,892,300.01. This trade represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.99% of the company's stock.

Institutional Trading of Atkore

A number of institutional investors and hedge funds have recently bought and sold shares of ATKR. Gates Capital Management Inc. increased its holdings in Atkore by 25.2% in the 1st quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company's stock valued at $195,871,000 after acquiring an additional 657,707 shares during the last quarter. Wellington Management Group LLP increased its holdings in Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock valued at $50,658,000 after acquiring an additional 513,631 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Atkore by 43,389.8% in the 1st quarter. Pacer Advisors Inc. now owns 365,749 shares of the company's stock valued at $21,941,000 after acquiring an additional 364,908 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Atkore in the 2nd quarter valued at $21,453,000. Finally, JPMorgan Chase & Co. increased its holdings in Atkore by 109.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 535,162 shares of the company's stock valued at $37,756,000 after acquiring an additional 279,385 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.

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