Royal Bank of Canada Cuts Atkore (NYSE:ATKR) Price Target to $93.00

Atkore (NYSE:ATKR) had its price target lowered by Royal Bank of Canada from $99.00 to $93.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other brokerages have also recently issued reports on ATKR. KeyCorp lowered their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Loop Capital lowered their price target on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday. Finally, B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and cut their price objective for the company from $135.00 to $84.00 in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $117.00.

Atkore Trading Up 5.5 %

NYSE ATKR opened at $94.62 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $3.30 billion, a PE ratio of 7.39 and a beta of 2.13. The stock’s 50 day moving average is $87.80 and its 200 day moving average is $112.73. Atkore has a twelve month low of $76.01 and a twelve month high of $194.98.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, December 6th. Atkore’s dividend payout ratio is presently 10.13%.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the 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 directly owns 27,626 shares of the company’s stock, valued at $2,667,290.30. This represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atkore

Institutional investors and hedge funds have recently bought and sold shares of the business. Hodges Capital Management Inc. purchased a new position in shares of Atkore in the second quarter worth $4,158,000. Capital World Investors purchased a new position in shares of Atkore during the first quarter valued at about $14,986,000. Boston Trust Walden Corp bought a new stake in shares of Atkore in the second quarter worth about $23,306,000. Maverick Capital Ltd. lifted its position in shares of Atkore by 386.9% in the second quarter. Maverick Capital Ltd. now owns 9,709 shares of the company’s stock worth $1,310,000 after buying an additional 7,715 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Atkore by 1.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 449,323 shares of the company’s stock valued at $85,535,000 after buying an additional 4,852 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.