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

Atkore (NYSE:ATKR) had its price objective reduced by Royal Bank of Canada from $99.00 to $93.00 in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

A number of other equities analysts have also recently commented on the company. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $135.00 to $84.00 in a report on Friday. Loop Capital dropped their price objective on shares of Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday. Finally, KeyCorp reduced their target price 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. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $117.00.

Atkore Stock Up 5.5 %

Shares of NYSE:ATKR opened at $94.62 on Friday. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 7.39 and a beta of 2.13. Atkore has a 12 month low of $76.01 and a 12 month high of $194.98. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $87.80 and a 200 day moving average price of $112.73.

Atkore Dividend Announcement

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

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction on Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction 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. The trade was a 1.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.56% of the company’s stock.

Hedge Funds Weigh In On Atkore

Several institutional investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in Atkore by 0.8% in the second quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock worth $1,389,000 after acquiring an additional 85 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Atkore by 2.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock valued at $667,000 after purchasing an additional 99 shares in the last quarter. Meixler Investment Management Ltd. lifted its position in shares of Atkore by 6.5% in the 2nd quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock worth $263,000 after purchasing an additional 119 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Atkore by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock valued at $555,000 after purchasing an additional 129 shares in the last quarter. Finally, Riverwater Partners LLC increased its holdings in Atkore by 1.1% during the second quarter. Riverwater Partners LLC now owns 14,310 shares of the company’s stock valued at $1,931,000 after buying an additional 159 shares during the period.

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.