Atkore (NYSE:ATKR) Downgraded by StockNews.com

Atkore (NYSE:ATKR - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday.

Several other brokerages have also recently issued reports on ATKR. Citigroup decreased their price objective on Atkore from $200.00 to $188.00 and set a "neutral" rating for the company in a research note on Wednesday. Royal Bank of Canada reiterated an "outperform" rating and issued a $187.00 price objective on shares of Atkore in a research note on Friday, March 22nd.

Atkore Trading Up 2.2 %

Atkore stock traded up $3.35 during midday trading on Wednesday, reaching $157.69. 995,265 shares of the stock traded hands, compared to its average volume of 483,466. The company has a 50-day simple moving average of $176.60 and a two-hundred day simple moving average of $155.43. Atkore has a 12-month low of $116.14 and a 12-month high of $194.98. The firm has a market cap of $5.80 billion, a PE ratio of 9.45 and a beta of 2.19. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.86. The business had revenue of $792.90 million during the quarter, compared to analysts' expectations of $808.22 million. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The business's quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $4.31 EPS. Research analysts expect that Atkore will post 15.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Leangela W. Lowe sold 6,500 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the completion of the sale, the vice president now owns 25,590 shares in the company, valued at $4,505,631.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Atkore news, VP Leangela W. Lowe sold 6,500 shares of Atkore stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the transaction, the vice president now owns 25,590 shares of the company's stock, valued at $4,505,631.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO William E. Jr. Waltz sold 43,072 shares of Atkore stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $160.48, for a total value of $6,912,194.56. Following the transaction, the chief executive officer now directly owns 83,716 shares in the company, valued at approximately $13,434,743.68. The disclosure for this sale can be found here. Insiders sold a total of 148,464 shares of company stock worth $25,124,751 over the last 90 days. 2.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Boston Partners increased its holdings in shares of Atkore by 98.9% in the fourth quarter. Boston Partners now owns 1,197,025 shares of the company's stock valued at $191,329,000 after purchasing an additional 595,115 shares during the period. Norges Bank acquired a new position in shares of Atkore in the fourth quarter valued at approximately $68,109,000. River Road Asset Management LLC increased its holdings in shares of Atkore by 14.1% in the fourth quarter. River Road Asset Management LLC now owns 1,260,290 shares of the company's stock valued at $201,646,000 after purchasing an additional 155,508 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of Atkore by 121.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 243,695 shares of the company's stock valued at $38,991,000 after purchasing an additional 133,622 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Atkore by 20.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 756,119 shares of the company's stock valued at $143,935,000 after purchasing an additional 126,699 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.

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