Atkore (NYSE:ATKR) Sets New 52-Week High – Still a Buy?

Shares of Atkore Inc. (NYSE:ATKR) hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $94.90 and last traded at $94.8950, with a volume of 184,972 shares changing hands. The stock had previously closed at $94.84.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a research report on Thursday, July 16th. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $143.33.

Atkore Price Performance

The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average price is $94.09 and its two-hundred day moving average price is $80.85. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -19.73 and a beta of 1.69.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%. The company had revenue of $794.80 million during the quarter, compared to the consensus estimate of $756.23 million. During the same period last year, the business earned $2.17 EPS. Analysts anticipate that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, August 18th. Atkore’s payout ratio is currently -27.44%.

Insider Activity at Atkore

In other news, insider Mark Lamps sold 300 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the transaction, the insider owned 35,803 shares in the company, valued at approximately $3,356,531.25. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atkore

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of Atkore by 37.7% in the third quarter. GAMMA Investing LLC now owns 435 shares of the company’s stock worth $41,000 after buying an additional 119 shares during the last quarter. Tidal Investments LLC boosted its position in Atkore by 61.8% during the second quarter. Tidal Investments LLC now owns 51,660 shares of the company’s stock worth $3,928,000 after purchasing an additional 19,729 shares during the period. Engineers Gate Manager LP grew its holdings in Atkore by 723.5% during the second quarter. Engineers Gate Manager LP now owns 57,071 shares of the company’s stock valued at $4,340,000 after purchasing an additional 50,141 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Atkore during the 2nd quarter worth $31,000. Finally, Squarepoint Ops LLC acquired a new position in Atkore in the 2nd quarter valued at $1,008,000.

Atkore Company Profile

Atkore Inc is a manufacturer of electrical, safety and infrastructure products for the construction, industrial and commercial markets. The company supplies systems and components used to manage, protect and route electrical wiring and cable, as well as products that support structural and safety applications.

Its product portfolio includes electrical raceway systems, conduit, fittings, cable management products, wire and cable, mechanical tubing, framing systems, and related safety and infrastructure solutions.