Atkore (NYSE:ATKR) Hits New 52-Week High - Still a Buy?

Key Points

• Atkore shares reached a new 52-week high of $94.22, with the stock trading modestly above its prior close and well above its 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting $1.92 in EPS versus $1.53 expected and revenue of $794.8 million versus the $756.2 million consensus estimate.
• Analyst sentiment remains mixed: Atkore has an average “Hold” rating, despite a consensus price target of $143.33; Roth Capital downgraded the stock to “Neutral,” while another analyst upgraded it to “Buy.”

Atkore Inc. (NYSE:ATKR - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $94.22 and last traded at $94.2020, with a volume of 304803 shares traded. The stock had previously closed at $93.87.

Analyst Ratings Changes

Several brokerages have recently issued reports on ATKR. Weiss Ratings raised Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Roth Capital downgraded Atkore from a "buy" rating to a "neutral" rating and increased their target price for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a report on Sunday, July 26th. One equities 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 stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $143.33.

Atkore Trading Up 0.4%

The firm has a market capitalization of $3.18 billion, a P/E ratio of -19.60 and a beta of 1.68. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $83.94 and a 200-day moving average price of $75.46.

Atkore (NYSE:ATKR - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, beating analysts' consensus estimates of $1.53 by $0.39. The business had revenue of $794.80 million during the quarter, compared to analyst estimates 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 period in the prior year, the company posted $2.17 earnings per share. Analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

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

Insider Activity at Atkore

In other Atkore news, insider Mark Lamps sold 300 shares of Atkore stock in a transaction on Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider directly owned 35,803 shares of the company's stock, valued at approximately $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is owned by company insiders.

Institutional Trading of Atkore

Hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in Atkore in the 2nd quarter valued at $28,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Atkore during the 2nd quarter worth approximately $31,000. Kestra Investment Management LLC raised its position in shares of Atkore by 710.9% during the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company's stock valued at $31,000 after acquiring an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Atkore by 1,263.2% during the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company's stock worth $32,000 after buying an additional 480 shares during the last quarter. Finally, Strs Ohio acquired a new position in Atkore during the first quarter valued at approximately $36,000.

About Atkore

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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