Atkore (NYSE:ATKR) Sets New 12-Month High - What's Next?

Key Points

• Atkore reached a new 52-week high of $94.66, with the stock supported by rising moving averages and a market capitalization of approximately $3.19 billion.
• The company exceeded quarterly expectations, reporting $1.92 in adjusted earnings per share versus the $1.53 consensus estimate and revenue of $794.8 million versus $756.2 million expected.
• Analyst sentiment remains mixed: Atkore has an average “Hold” rating, while its consensus price target is $143.33. The company also declared a quarterly dividend of $0.33 per share, representing a 1.4% yield.

Atkore Inc. (NYSE:ATKR - Get Free Report) reached a new 52-week high during trading on Monday. The company traded as high as $94.66 and last traded at $94.6250, with a volume of 60957 shares trading hands. The stock had previously closed at $94.57.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. Weiss Ratings upgraded Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Finally, Roth Capital cut 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 research 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, Atkore has an average rating of "Hold" and a consensus price target of $143.33.

Atkore Stock Up 0.0%

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 firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -19.67 and a beta of 1.68. The firm has a fifty day moving average price of $89.91 and a 200 day moving average price of $78.21.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.53 by $0.39. The firm had revenue of $794.80 million for 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 quarter in the prior year, the company posted $2.17 earnings per share. As a group, sell-side analysts expect that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Dividend Announcement

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

Insider Buying and Selling at Atkore

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

Institutional Trading of Atkore

Several hedge funds and other institutional investors have recently made changes to their positions in ATKR. Cetera Investment Advisers increased its position in shares of Atkore by 2.8% in 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 in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Atkore during the 2nd quarter valued at $28,000. ProShare Advisors LLC boosted its position in Atkore by 6.7% during the 4th quarter. ProShare Advisors LLC now owns 6,142 shares of the company's stock worth $388,000 after purchasing an additional 384 shares during the period. Baron Wealth Management LLC boosted its position 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 purchasing an additional 387 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Atkore in the 2nd quarter valued at $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.