Atkore Inc. (NYSE:ATKR) Announces Quarterly Dividend of $0.32

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Stockholders of record on Tuesday, February 18th will be given a dividend of 0.32 per share on Friday, February 28th. This represents a $1.28 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Tuesday, February 18th.

Atkore has a payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Atkore to earn $7.78 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 16.5%.

Atkore Stock Performance

Shares of Atkore stock traded down $2.12 on Friday, reaching $81.45. The stock had a trading volume of 538,174 shares, compared to its average volume of 448,883. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. Atkore has a fifty-two week low of $76.01 and a fifty-two week high of $194.98. The business’s 50-day moving average price is $86.24 and its two-hundred day moving average price is $93.80. The stock has a market cap of $2.83 billion, a P/E ratio of 6.45 and a beta of 2.13.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The business had revenue of $788.30 million for the quarter, compared to analyst estimates of $749.49 million. During the same quarter last year, the firm earned $3.63 earnings per share. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Atkore will post 6.62 EPS for the current year.

Insider Transactions at Atkore

In other Atkore news, Director Jeri L. Isbell sold 3,353 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the transaction, the director now owns 25,585 shares of the company’s stock, valued at approximately $2,405,757.55. The trade was a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now owns 27,626 shares of the company’s stock, valued at approximately $2,667,290.30. This trade represents a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,924 shares of company stock valued at $1,614,975. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on ATKR shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 price target (up previously from $93.00) on shares of Atkore in a report on Wednesday, December 4th. Loop Capital cut their target price on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Finally, Roth Mkm started coverage on shares of Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 target price on the stock. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.67.

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.