Citigroup Has Lowered Expectations for Atkore (NYSE:ATKR) Stock Price

Atkore (NYSE:ATKR) had its price objective reduced by Citigroup from $78.00 to $66.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also recently commented on the stock. KeyCorp reduced their target price on shares of Atkore from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a report on Monday, December 16th. Roth Mkm started coverage on shares of Atkore in a research report on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Loop Capital lowered Atkore from a “buy” rating to a “hold” rating and dropped their target price for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.17.

Atkore Price Performance

Shares of NYSE ATKR opened at $58.01 on Monday. The stock has a fifty day moving average price of $63.00 and a 200 day moving average price of $78.26. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. Atkore has a 12-month low of $49.92 and a 12-month high of $185.42. The company has a market cap of $2.01 billion, a P/E ratio of 5.62 and a beta of 2.02.

Atkore (NYSE:ATKR) last posted its earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. The business had revenue of $661.60 million during the quarter, compared to analyst estimates of $680.77 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The company’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.12 earnings per share. Research analysts anticipate that Atkore will post 5.79 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.21%. Atkore’s payout ratio is 12.39%.

Insider Activity at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the completion of the sale, the insider now owns 33,760 shares in the company, valued at $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ATKR. Jones Financial Companies Lllp raised its position in shares of Atkore by 87.7% during the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company’s stock worth $33,000 after purchasing an additional 186 shares during the period. Harbor Capital Advisors Inc. grew its stake in Atkore by 97.0% during the 1st quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company’s stock worth $32,000 after buying an additional 259 shares during the last quarter. Versant Capital Management Inc increased its position in Atkore by 358.9% in the first quarter. Versant Capital Management Inc now owns 693 shares of the company’s stock worth $42,000 after buying an additional 542 shares during the period. Pacer Advisors Inc. lifted its stake in Atkore by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company’s stock valued at $70,000 after buying an additional 195 shares during the last quarter. Finally, Harbour Investments Inc. boosted its holdings in shares of Atkore by 3,333.3% during the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares during the period.

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.