Atkore (NYSE:ATKR) Reaches New 52-Week High - Should You Buy?

Key Points

• Atkore shares reached a new 52-week high of $94.53, trading about 0.5% higher and well above their 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting $1.92 EPS versus the $1.53 consensus and revenue of $794.8 million versus estimates of $756.2 million.
• Analyst sentiment remains mixed: Atkore has an average “Hold” rating, although the consensus price target is $143.33. The company also pays a quarterly dividend of $0.33, equivalent to a 1.4% annual yield.

Shares of Atkore Inc. (NYSE:ATKR - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $94.53 and last traded at $94.5290, with a volume of 122344 shares trading hands. The stock had previously closed at $94.07.

Wall Street Analysts Forecast Growth

ATKR has been the topic of several recent research reports. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Roth Capital downgraded Atkore from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Weiss Ratings raised shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Atkore currently has an average rating of "Hold" and a consensus price target of $143.33.

Atkore Trading Up 0.5%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73. The company has a market capitalization of $3.19 billion, a PE ratio of -19.65 and a beta of 1.68. The stock has a fifty day moving average of $85.84 and a 200 day moving average of $76.24.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. During the same period last year, the firm posted $2.17 EPS. As a group, sell-side analysts predict that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

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

Insider Buying and Selling

In other Atkore 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 value of $28,125.00. Following the sale, the insider owned 35,803 shares in the company, valued at $3,356,531.25. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atkore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ATKR. Global Retirement Partners LLC purchased a new position in shares of Atkore in the 2nd quarter worth approximately $28,000. Integrated Wealth Concepts LLC purchased a new stake in Atkore during the 2nd quarter valued at $31,000. State of Wyoming purchased a new stake in Atkore during the 2nd quarter valued at $56,000. Parkside Financial Bank & Trust lifted its position in Atkore by 1,456.0% in the second quarter. Parkside Financial Bank & Trust now owns 778 shares of the company's stock worth $59,000 after buying an additional 728 shares during the last quarter. Finally, Nykredit A S bought a new stake in Atkore in the second quarter worth $81,000.

About Atkore

Atkore Inc NYSE: ATKR manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company's products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.

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