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

Key Points

• Atkore shares reached a new 52-week high of $94.90, trading slightly above the prior close with a market capitalization of approximately $3.2 billion.
• The company’s latest quarterly results exceeded expectations, with EPS of $1.92 versus the $1.53 consensus estimate and revenue of $794.8 million compared with forecasts of $756.2 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating despite recent upgrades and downgrades; Atkore also maintains a quarterly dividend of $0.33 per share, or a 1.4% annualized yield.

Atkore Inc. (NYSE:ATKR - Get Free Report) hit a new 52-week high during trading on Monday. The stock traded as high as $94.90 and last traded at $94.8950, with a volume of 184,972 shares trading hands. The stock had previously closed at $94.84.

Analyst Ratings Changes

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

Atkore Trading Up 0.1%

The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -19.73 and a beta of 1.69. The business has a 50 day moving average of $94.09 and a 200 day moving average of $80.85. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 prior year, the firm earned $2.17 EPS. On average, research analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently announced 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 of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore's dividend payout ratio is presently -27.44%.

Insiders Place Their Bets

In other news, insider Mark Lamps sold 300 shares of the business'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 directly owned 35,803 shares of the company's stock, valued at approximately $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Atkore

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in Atkore by 37.7% during the third quarter. GAMMA Investing LLC now owns 435 shares of the company's stock valued at $41,000 after purchasing an additional 119 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Atkore by 2.8% during the first quarter. Cetera Investment Advisers now owns 5,212 shares of the company's stock valued at $307,000 after purchasing an additional 143 shares during the last quarter. Global Retirement Partners LLC bought a new stake in shares of Atkore in the 2nd quarter worth approximately $28,000. Baron Wealth Management LLC grew its stake in Atkore by 11.7% during the 1st quarter. Baron Wealth Management LLC now owns 3,707 shares of the company's stock worth $218,000 after buying an additional 387 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Atkore in the second quarter worth $31,000.

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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