Atkore’s (ATKR) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Atkore (NYSE:ATKR) in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a $102.00 target price on the stock, up from their prior target price of $93.00.

ATKR has been the topic of several other research reports. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and dropped their price target for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. KeyCorp dropped their target price on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday, September 13th. Finally, Loop Capital decreased their price target on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $118.80.

Atkore Price Performance

Shares of NYSE ATKR opened at $89.00 on Wednesday. The stock has a market cap of $3.11 billion, a P/E ratio of 7.05 and a beta of 2.10. Atkore has a twelve month low of $76.01 and a twelve month high of $194.98. The stock has a 50 day moving average of $89.20 and a two-hundred day moving average of $108.96. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). The business had revenue of $788.30 million for the quarter, compared to analyst estimates of $749.49 million. Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.63 EPS. On average, research analysts forecast that Atkore will post 6.69 earnings per share for the current year.

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 issued a $0.32 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.28 annualized dividend and a dividend yield of 1.44%. Atkore’s dividend payout ratio is currently 10.13%.

Insider Activity at Atkore

In other news, VP Daniel S. Kelly sold 13,071 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now owns 27,528 shares in the company, valued at $2,635,530.72. This trade represents a 32.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction of $48,275.00. Following the sale, the insider now directly owns 27,626 shares in the company, valued at approximately $2,667,290.30. This represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,924 shares of company stock worth $1,614,975 over the last three months. 2.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atkore

A number of hedge funds and other institutional investors have recently modified their holdings of ATKR. Hodges Capital Management Inc. purchased a new position in Atkore in the 2nd quarter valued at approximately $4,158,000. Boston Trust Walden Corp purchased a new position in shares of Atkore in the second quarter valued at $23,306,000. Maverick Capital Ltd. raised its stake in shares of Atkore by 386.9% during the 2nd 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 during the last quarter. Chase Investment Counsel Corp raised its stake in shares of Atkore by 97.0% during the 3rd quarter. Chase Investment Counsel Corp now owns 13,000 shares of the company’s stock worth $1,101,000 after buying an additional 6,400 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Atkore in the 2nd quarter worth about $3,095,000.

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.