KeyCorp Issues Positive Forecast for Atkore (NYSE:ATKR) Stock Price

Atkore (NYSE:ATKR) had its price objective boosted by KeyCorp from $70.00 to $80.00 in a report released on Wednesday morning, Marketbeat reports. They currently have an overweight rating on the stock.

ATKR has been the topic of a number of other research reports. Citigroup dropped their price target on Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Loop Capital downgraded shares of Atkore from a “buy” rating to a “hold” rating and cut their target price for the company from $115.00 to $65.00 in a research report on Monday, February 10th. Finally, Royal Bank of Canada upped their price target on shares of Atkore from $64.00 to $65.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.57.

Atkore Price Performance

ATKR stock opened at $67.95 on Wednesday. Atkore has a 12 month low of $49.92 and a 12 month high of $163.12. The company has a 50-day moving average price of $61.77 and a 200 day moving average price of $75.37. The stock has a market cap of $2.36 billion, a PE ratio of 6.58 and a beta of 2.10. 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 (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.52. The firm had revenue of $701.73 million for the quarter, compared to analysts’ expectations of $690.83 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.08 earnings per share. Equities research analysts anticipate that Atkore will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th will be issued a $0.33 dividend. This is a boost from Atkore’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Friday, May 16th. Atkore’s dividend payout ratio (DPR) is currently 25.38%.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $69.16, for a total value of $69,160.00. Following the completion of the sale, the insider now directly owns 32,828 shares in the company, valued at approximately $2,270,384.48. This trade represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atkore

Several hedge funds have recently modified their holdings of ATKR. Gates Capital Management Inc. boosted its stake in Atkore by 29.6% in the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company’s stock worth $217,584,000 after purchasing an additional 595,774 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Atkore by 10.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock worth $111,467,000 after buying an additional 134,517 shares during the period. First Trust Advisors LP grew its holdings in shares of Atkore by 195.6% during the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock valued at $98,009,000 after buying an additional 777,113 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Atkore by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company’s stock valued at $91,028,000 after acquiring an additional 6,234 shares during the period. Finally, LSV Asset Management raised its stake in Atkore by 24.2% in the 4th quarter. LSV Asset Management now owns 924,100 shares of the company’s stock worth $77,116,000 after acquiring an additional 180,160 shares during the last quarter.

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.