Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 3,960,000 shares, a drop of 6.2% from the August 31st total of 4,220,000 shares. Currently, 11.2% of the shares of the company are short sold. Based on an average daily volume of 827,100 shares, the days-to-cover ratio is presently 4.8 days.

Atkore Stock Down 0.8 %

Shares of NYSE:ATKR opened at $84.09 on Wednesday. The firm has a 50 day simple moving average of $99.15 and a 200 day simple moving average of $137.50. The company has a market cap of $3.06 billion, a PE ratio of 5.24 and a beta of 2.14. Atkore has a 52 week low of $80.11 and a 52 week high of $194.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.03 and a current ratio of 3.26.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.28. The firm had revenue of $822.40 million during the quarter, compared to the consensus estimate of $830.16 million. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $5.13 EPS. As a group, research analysts expect that Atkore will post 12.69 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.52%. Atkore’s payout ratio is 7.98%.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the transaction, the insider now directly owns 28,086 shares in the company, valued at $2,681,370.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atkore

A number of institutional investors have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Atkore during the second quarter worth $2,914,000. Sanctuary Advisors LLC acquired a new stake in shares of Atkore during the 2nd quarter valued at about $1,339,000. Dana Investment Advisors Inc. lifted its holdings in shares of Atkore by 15.0% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,307 shares of the company’s stock valued at $1,796,000 after buying an additional 1,732 shares during the last quarter. Chase Investment Counsel Corp bought a new stake in shares of Atkore in the 2nd quarter valued at approximately $890,000. Finally, Quarry LP bought a new position in Atkore during the second quarter valued at approximately $57,000.

Analyst Ratings Changes

ATKR has been the subject of a number of research analyst reports. Loop Capital cut their target price on Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Royal Bank of Canada lowered Atkore from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $175.00 to $100.00 in a report on Wednesday, August 7th. KeyCorp lowered their target price on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday, September 13th. Finally, B. Riley reduced their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atkore presently has an average rating of “Moderate Buy” and an average price target of $131.60.

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.