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

Key Points

• Atkore shares reached a new 52-week high of $93.85, with the stock supported by a 50-day moving average of $77.83 and a 200-day moving average of $71.61.
• Analyst sentiment remains mixed: one analyst rates the stock a Strong Buy, four rate it Hold, and one rates it Sell, resulting in a consensus rating of Hold.
• Atkore beat quarterly expectations, reporting $1.92 in EPS versus $1.53 expected and revenue of $794.8 million versus $756.23 million expected; it also announced a quarterly dividend of $0.33 per share, a 1.4% yield.

Atkore Inc. (NYSE:ATKR - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $93.85 and last traded at $93.7680, with a volume of 365739 shares changing hands. The stock had previously closed at $93.71.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d)" rating on shares of Atkore in a research report on Wednesday, July 29th. Roth Capital lowered shares of Atkore from a "buy" rating to a "neutral" rating and increased their price objective for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a report on Thursday, July 16th. Finally, Citigroup boosted their target price on shares of Atkore from $74.00 to $86.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Atkore presently has a consensus rating of "Hold" and a consensus price target of $143.33.

Atkore Price Performance

The firm has a market capitalization of $3.17 billion, a P/E ratio of -19.51 and a beta of 1.68. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average price of $77.83 and a 200-day moving average price of $71.61.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.39. The firm had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same quarter in the previous year, the company posted $2.17 EPS. On average, analysts expect that Atkore Inc. will post 4.75 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore's dividend payout ratio is currently -27.44%.

Hedge Funds Weigh In On Atkore

A number of large investors have recently made changes to their positions in ATKR. Oslo Pensjonsforsikring AS purchased a new position in shares of Atkore during the first quarter valued at $22,209,000. Irenic Capital Management LP bought a new stake in shares of Atkore in the fourth quarter valued at about $884,000. Hsbc Holdings PLC purchased a new stake in Atkore in the first quarter worth about $1,092,000. LSV Asset Management grew its holdings in Atkore by 5.8% during the 4th quarter. LSV Asset Management now owns 960,450 shares of the company's stock worth $60,748,000 after acquiring an additional 52,850 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Atkore by 8.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company's stock worth $72,341,000 after acquiring an additional 97,514 shares in the last quarter.

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.

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