Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 6,210,000 shares, an increase of 8.2% from the July 15th total of 5,740,000 shares. Based on an average daily volume of 744,800 shares, the short-interest ratio is presently 8.3 days. Currently, 17.6% of the company’s shares are short sold.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. KeyCorp lowered their price target on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Citigroup reduced their price target on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. B. Riley reduced their price target on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Royal Bank of Canada lowered shares of Atkore from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $175.00 to $100.00 in a research note on Wednesday, August 7th. Finally, StockNews.com lowered shares of Atkore from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $137.00.

Atkore Stock Performance

NYSE ATKR traded up $1.40 during trading hours on Monday, hitting $96.99. 751,740 shares of the company’s stock traded hands, compared to its average volume of 617,470. The business’s fifty day moving average price is $129.03 and its two-hundred day moving average price is $152.11. The company has a current ratio of 3.09, a quick ratio of 1.98 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $3.53 billion, a P/E ratio of 5.99 and a beta of 2.15. Atkore has a 52 week low of $91.31 and a 52 week high of $194.98.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.28. The company had revenue of $822.40 million during the quarter, compared to analyst estimates of $830.16 million. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $5.13 earnings per share. Equities research analysts predict that Atkore will post 14.93 EPS for the current year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.32%. The ex-dividend date is Tuesday, August 20th. Atkore’s dividend payout ratio is currently 7.98%.

Insider Activity at Atkore

In related news, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $153.23, for a total transaction of $91,784.77. Following the transaction, the director now owns 15,695 shares of the company’s stock, valued at approximately $2,404,944.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the completion of the sale, the director now directly owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The disclosure for this sale can be found here. 2.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Atkore

Several large investors have recently added to or reduced their stakes in ATKR. Chase Investment Counsel Corp purchased a new position in shares of Atkore in the second quarter worth $890,000. Quarry LP purchased a new position in shares of Atkore in the second quarter worth $57,000. Creative Planning lifted its holdings in shares of Atkore by 20.0% in the second quarter. Creative Planning now owns 5,585 shares of the company’s stock worth $754,000 after buying an additional 932 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Atkore in the second quarter worth $5,210,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Atkore by 2.2% in the second quarter. The Manufacturers Life Insurance Company now owns 21,930 shares of the company’s stock worth $2,959,000 after buying an additional 468 shares in the last quarter.

Atkore Company Profile

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.