Atkore (NYSE:ATKR) Price Target Cut to $130.00

Atkore (NYSE:ATKR) had its target price dropped by equities researchers at Loop Capital from $160.00 to $130.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s target price points to a potential upside of 45.69% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ATKR. B. Riley cut their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada lowered Atkore from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $175.00 to $100.00 in a research note on Wednesday, August 7th. Finally, KeyCorp decreased their price target on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $131.60.

Atkore Trading Up 3.0 %

Shares of ATKR opened at $89.23 on Friday. Atkore has a 1-year low of $80.11 and a 1-year high of $194.98. The company has a market capitalization of $3.25 billion, a P/E ratio of 5.56 and a beta of 2.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. The firm’s 50 day simple moving average is $107.54 and its 200 day simple moving average is $142.04.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.28. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The firm had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. During the same quarter last year, the company posted $5.13 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. Sell-side analysts forecast that Atkore will post 12.69 earnings per share for the current fiscal year.

Insider Activity at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the transaction, the insider now owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atkore

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Atkore during the fourth quarter valued at approximately $68,109,000. Hood River Capital Management LLC purchased a new stake in shares of Atkore in the 1st quarter worth about $63,900,000. Swedbank AB purchased a new stake in shares of Atkore in the 1st quarter worth about $47,591,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Atkore by 28.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 973,116 shares of the company’s stock valued at $131,303,000 after purchasing an additional 216,997 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Atkore by 1,047.5% during the 2nd quarter. Marshall Wace LLP now owns 224,267 shares of the company’s stock valued at $30,260,000 after purchasing an additional 204,723 shares in the last quarter.

Atkore Company Profile

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.