Atkore Inc. (NYSE:ATKR) Sees Large Decline in Short Interest

Atkore Inc. (NYSE:ATKR - Get Free Report) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 1,580,000 shares, a drop of 31.3% from the April 30th total of 2,300,000 shares. Approximately 4.8% of the shares of the stock are short sold. Based on an average trading volume of 580,700 shares, the short-interest ratio is currently 2.7 days.

Atkore Price Performance

Atkore stock traded down $0.75 during trading hours on Wednesday, hitting $67.25. The stock had a trading volume of 219,858 shares, compared to its average volume of 613,300. Atkore has a 1-year low of $49.92 and a 1-year high of $153.32. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 6.51 and a beta of 2.10. The stock's fifty day moving average is $62.92 and its two-hundred day moving average is $72.51. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.52. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The company had revenue of $701.73 million during the quarter, compared to analysts' expectations of $690.83 million. During the same period in the previous year, the firm posted $4.08 earnings per share. The business's revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, analysts predict that Atkore will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th were given a $0.33 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.96%. This is an increase from Atkore's previous quarterly dividend of $0.32. Atkore's payout ratio is currently 25.38%.

Analyst Ratings Changes

ATKR has been the topic of a number of research analyst reports. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. KeyCorp boosted their price objective on shares of Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Citigroup lowered their target price on shares of Atkore from $78.00 to $66.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada boosted their price target on shares of Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. Finally, Roth Capital set a $78.00 target price on Atkore and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $77.57.

Insider Activity

In related news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $69.16, for a total transaction of $69,160.00. Following the transaction, the insider now owns 32,828 shares in the company, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Van Den Berg Management I Inc. increased its holdings in shares of Atkore by 0.4% during the 4th quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company's stock worth $3,425,000 after buying an additional 158 shares during the last quarter. Isthmus Partners LLC increased its position in Atkore by 0.8% during the 4th quarter. Isthmus Partners LLC now owns 21,441 shares of the company's stock worth $1,789,000 after purchasing an additional 162 shares in the last quarter. Xponance Inc. raised its holdings in Atkore by 6.9% in the fourth quarter. Xponance Inc. now owns 2,569 shares of the company's stock valued at $214,000 after buying an additional 166 shares during the period. Willis Investment Counsel lifted its position in Atkore by 3.3% during the fourth quarter. Willis Investment Counsel now owns 5,350 shares of the company's stock valued at $446,000 after buying an additional 171 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Atkore by 0.8% during the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock worth $1,782,000 after buying an additional 171 shares during the period.

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.