Atkore (NYSE:ATKR) Sets New 1-Year High - What's Next?

Key Points

• Atkore shares reached a new 52-week high of $94.65, trading modestly above the previous close, with the stock’s 50-day and 200-day moving averages at $88.23 and $77.30, respectively.
• The company reported quarterly EPS of $1.92, beating expectations of $1.53, while revenue of $794.8 million also exceeded estimates. Analysts expect full-year EPS of approximately $5.15.
• Analyst sentiment remains mixed, with a consensus rating of “Hold”; Atkore also paid a quarterly dividend of $0.33 per share, equivalent to a 1.4% yield.

Atkore Inc. (NYSE:ATKR - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $94.65 and last traded at $94.6010, with a volume of 212942 shares. The stock had previously closed at $94.47.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Weiss Ratings raised shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 target price on Atkore in a report on Thursday, July 16th. Finally, Roth Capital cut shares of Atkore from a "buy" rating to a "neutral" rating and upped their price target 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Atkore presently has an average rating of "Hold" and an average target price of $143.33.

Atkore Trading Up 0.1%

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 company has a market capitalization of $3.19 billion, a PE ratio of -19.66 and a beta of 1.68. The stock's fifty day moving average price is $88.23 and its two-hundred day moving average price is $77.30.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.39. The business had revenue of $794.80 million for the quarter, compared to analysts' expectations 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 previous year, the firm posted $2.17 EPS. Sell-side analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current 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 issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, August 18th. Atkore's dividend payout ratio is presently -27.44%.

Insider Transactions at Atkore

In other news, insider Mark Lamps sold 300 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the completion of the sale, the insider directly owned 35,803 shares in the company, valued at $3,356,531.25. This represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cetera Investment Advisers raised its stake in Atkore by 2.8% during the first quarter. Cetera Investment Advisers now owns 5,212 shares of the company's stock worth $307,000 after acquiring an additional 143 shares during the period. Global Retirement Partners LLC acquired a new position in Atkore in the second quarter valued at approximately $28,000. ProShare Advisors LLC grew its holdings in shares of Atkore by 6.7% during the fourth quarter. ProShare Advisors LLC now owns 6,142 shares of the company's stock valued at $388,000 after purchasing an additional 384 shares during the last quarter. Baron Wealth Management LLC raised its position in shares of 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 purchasing an additional 387 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in Atkore during the 2nd quarter valued at approximately $31,000.

Atkore Company Profile

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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