Atkore Inc. (NYSE:ATKR) Short Interest Update

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) was the recipient of a significant decline in short interest in the month of August. As of August 15th, there was short interest totaling 1,240,000 shares, a decline of 21.5% 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 presently 2.3 days. Approximately 3.8% of the shares of the company are sold short. Approximately 3.8% of the shares of the company are sold short. Based on an average daily volume of 550,300 shares, the days-to-cover ratio is presently 2.3 days.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ATKR shares. Citigroup reissued a "neutral" rating and issued a $80.00 target price (up previously from $70.00) on shares of Atkore in a research report on Monday, June 9th. KeyCorp reissued a "sector weight" rating on shares of Atkore in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $79.57.

Atkore Price Performance

ATKR traded down $0.92 on Friday, hitting $61.29. 589,356 shares of the stock were exchanged, compared to its average volume of 485,241. Atkore has a 12 month low of $49.92 and a 12 month high of $105.28. The business has a 50-day moving average of $65.52 and a two-hundred day moving average of $64.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.09 and a quick ratio of 2.08. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 19.64 and a beta of 2.16.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.2%. Atkore's dividend payout ratio is 42.31%.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction on Friday, August 15th. The shares were sold at an average price of $59.37, for a total transaction of $59,370.00. Following the completion of the transaction, the insider directly owned 31,873 shares of the company's stock, valued at $1,892,300.01. The trade was a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Gates Capital Management Inc. lifted its holdings in shares of Atkore by 25.2% in the first quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company's stock worth $195,871,000 after acquiring an additional 657,707 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Atkore by 13.9% in the second quarter. First Trust Advisors LP now owns 1,757,797 shares of the company's stock valued at $124,013,000 after buying an additional 213,858 shares during the period. American Century Companies Inc. increased its stake in shares of Atkore by 20.6% in the second quarter. American Century Companies Inc. now owns 1,013,259 shares of the company's stock valued at $71,485,000 after buying an additional 172,754 shares during the period. River Road Asset Management LLC increased its stake in shares of Atkore by 1.0% in the second quarter. River Road Asset Management LLC now owns 792,427 shares of the company's stock valued at $61,033,000 after buying an additional 8,106 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Atkore by 24.1% in the first quarter. Wellington Management Group LLP now owns 753,107 shares of the company's stock valued at $45,179,000 after buying an additional 146,066 shares during the period.

About Atkore

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.