Atkore (NYSE:ATKR) Hits New 1-Year High - Here's What Happened

Key Points

• Atkore shares reached a new 52-week high of $94.88, with the stock recently trading near $94.76 and above its 50-day and 200-day moving averages.
• The company reported quarterly earnings of $1.92 per share, beating estimates of $1.53, while revenue of $794.8 million also exceeded forecasts.
• Analysts maintain a consensus “Hold” rating, despite an average price target of $143.33. Atkore also declared a quarterly dividend of $0.33 per share, equal to a 1.4% annualized yield.

Atkore Inc. (NYSE:ATKR - Get Free Report)'s stock price hit a new 52-week high on Monday. The stock traded as high as $94.88 and last traded at $94.7610, with a volume of 1289510 shares changing hands. The stock had previously closed at $94.62.

Wall Street Analysts Forecast Growth

ATKR has been the topic of several analyst reports. Weiss Ratings upgraded shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. 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 price target on Atkore in a research report on Thursday, July 16th. Finally, Roth Capital lowered Atkore from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $85.00 to $92.00 in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $143.33.

Atkore Price Performance

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 market cap of $3.20 billion, a price-to-earnings ratio of -19.71 and a beta of 1.69. The company has a 50 day moving average of $91.98 and a 200 day moving average of $79.50.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.39. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. The company had revenue of $794.80 million for the quarter, compared to analyst estimates of $756.23 million. During the same period in the previous year, the business earned $2.17 EPS. Equities research analysts predict that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were given a $0.33 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. Atkore's payout ratio is -27.44%.

Insider Buying and Selling

In other Atkore news, insider Mark Lamps sold 300 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the transaction, the insider owned 35,803 shares in the company, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Atkore

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Atkore in the 2nd quarter worth approximately $236,958,000. Hill City Capital LP purchased a new stake in Atkore in the 2nd quarter valued at about $55,061,020. Irenic Capital Management LP boosted its holdings in shares of Atkore by 3,531.8% in the 2nd quarter. Irenic Capital Management LP now owns 507,613 shares of the company's stock valued at $38,599,000 after buying an additional 493,636 shares in the last quarter. Bank of America Corp DE purchased a new stake in Atkore in the second quarter valued at about $33,367,000. Finally, Oslo Pensjonsforsikring AS acquired a new position in shares of Atkore in the 1st quarter valued at $22,209,000.

About Atkore

Atkore Inc is a manufacturer of electrical, safety and infrastructure products for the construction, industrial and commercial markets. The company supplies systems and components used to manage, protect and route electrical wiring and cable, as well as products that support structural and safety applications.

Its product portfolio includes electrical raceway systems, conduit, fittings, cable management products, wire and cable, mechanical tubing, framing systems, and related safety and infrastructure solutions.

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