Atkore (NYSE:ATKR) Downgraded to “Hold” at StockNews.com

StockNews.com downgraded shares of Atkore (NYSE:ATKR) from a buy rating to a hold rating in a report released on Wednesday.

A number of other research firms have also issued reports on ATKR. Citigroup lowered their target price on Atkore from $200.00 to $188.00 and set a neutral rating for the company in a research note on Wednesday. Royal Bank of Canada reiterated an outperform rating and set a $187.00 price objective on shares of Atkore in a research note on Friday, March 22nd.

Atkore Stock Up 2.2 %

ATKR opened at $157.69 on Wednesday. Atkore has a 52 week low of $116.14 and a 52 week high of $194.98. The firm has a market cap of $5.80 billion, a P/E ratio of 9.45 and a beta of 2.19. The business’s fifty day simple moving average is $176.60 and its 200 day simple moving average is $155.43. The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR) last released its earnings results on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86. The firm had revenue of $792.90 million during the quarter, compared to the consensus estimate of $808.22 million. Atkore had a net margin of 18.80% and a return on equity of 46.79%. Atkore’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.31 earnings per share. As a group, equities research analysts anticipate that Atkore will post 15.06 EPS for the current fiscal year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.28 annualized dividend and a dividend yield of 0.81%. Atkore’s dividend payout ratio is currently 7.67%.

Insider Transactions at Atkore

In related news, CEO William E. Jr. Waltz sold 43,072 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the sale, the chief executive officer now owns 83,716 shares of the company’s stock, valued at $13,434,743.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Daniel S. Kelly sold 8,685 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.07, for a total value of $1,503,112.95. Following the sale, the vice president now directly owns 34,907 shares in the company, valued at approximately $6,041,354.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William E. Jr. Waltz sold 43,072 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the sale, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at $13,434,743.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,464 shares of company stock worth $25,124,751. Company insiders own 2.56% of the company’s stock.

Hedge Funds Weigh In On Atkore

Institutional investors have recently bought and sold shares of the stock. ICA Group Wealth Management LLC purchased a new position in shares of Atkore during the fourth quarter valued at $25,000. GAMMA Investing LLC acquired a new stake in Atkore during the 4th quarter worth about $26,000. LifeSteps Financial Inc. purchased a new position in Atkore during the 1st quarter valued at about $33,000. Global Retirement Partners LLC increased its holdings in shares of Atkore by 405.1% in the 1st quarter. Global Retirement Partners LLC now owns 197 shares of the company’s stock valued at $38,000 after purchasing an additional 158 shares during the period. Finally, Orion Capital Management LLC purchased a new stake in shares of Atkore in the third quarter worth approximately $30,000.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.