Atkore (NYSE:ATKR) Shares Gap Down - Time to Sell?

Key Points

• Atkore Inc. (NYSE:ATKR) shares experienced a significant gap down, opening at $70.34 after closing at $76.55, with the latest trading price at $60.35.
• Despite the recent drop, several brokerage firms have a positive outlook on Atkore, with price targets ranging from $70.00 to $80.00 and an average rating of "Moderate Buy."
• Atkore recently declared a quarterly dividend of $0.33 per share, with a current yield of 2.3% and a payout ratio of 25.38%.

Atkore Inc. (NYSE:ATKR - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $76.55, but opened at $70.34. Atkore shares last traded at $60.35, with a volume of 136,382 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ATKR. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. KeyCorp reiterated a "sector weight" rating on shares of Atkore in a report on Wednesday. Roth Capital set a $78.00 price objective on Atkore and gave the company a "buy" rating in a research note on Wednesday, May 7th. Citigroup restated a "neutral" rating and set a $80.00 price objective (up from $70.00) on shares of Atkore in a research note on Monday, June 9th. Finally, Royal Bank Of Canada raised their price objective on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $79.57.

Atkore Stock Down 0.0%

The company has a market capitalization of $1.85 billion, a P/E ratio of 17.62 and a beta of 2.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.98 and a current ratio of 3.09. The stock has a 50 day moving average price of $70.88 and a 200 day moving average price of $67.48.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.52 by $0.52. The business had revenue of $701.73 million for the quarter, compared to analysts' expectations of $690.83 million. Atkore had a return on equity of 16.16% and a net margin of 3.89%. The firm's quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $4.08 EPS. Equities research analysts forecast that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 19th. This represents a $1.32 annualized dividend and a dividend yield of 2.4%. Atkore's dividend payout ratio is currently 42.31%.

Institutional Investors Weigh In On Atkore

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dogwood Wealth Management LLC bought a new position in shares of Atkore in the second quarter worth approximately $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Atkore in the second quarter worth approximately $28,000. Harbor Capital Advisors Inc. increased its position in shares of Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock worth $32,000 after purchasing an additional 259 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Atkore by 1,514.7% in the first quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $33,000 after purchasing an additional 515 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Atkore in the first quarter worth approximately $36,000.

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.