Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 4,220,000 shares, a decrease of 9.4% from the August 15th total of 4,660,000 shares. Currently, 11.9% of the company’s stock are sold short. Based on an average trading volume of 829,200 shares, the days-to-cover ratio is presently 5.1 days.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ATKR shares. B. Riley reduced their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Royal Bank of Canada cut Atkore from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Finally, KeyCorp lowered their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Atkore has a consensus rating of “Hold” and a consensus target price of $132.00.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the transaction, the insider now directly owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atkore

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. acquired a new stake in Atkore in the 4th quarter worth $66,000. Avantax Advisory Services Inc. bought a new position in Atkore during the fourth quarter valued at about $284,000. Vanguard Personalized Indexing Management LLC raised its holdings in Atkore by 27.7% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 2,147 shares of the company’s stock valued at $344,000 after acquiring an additional 466 shares in the last quarter. Brown Advisory Inc. bought a new stake in shares of Atkore in the 4th quarter worth approximately $289,000. Finally, Norges Bank acquired a new stake in shares of Atkore during the 4th quarter worth approximately $68,109,000.

Atkore Stock Performance

ATKR traded up $1.69 during trading on Tuesday, hitting $87.42. The stock had a trading volume of 577,162 shares, compared to its average volume of 623,529. The firm has a market cap of $3.18 billion, a PE ratio of 5.45 and a beta of 2.15. The company has a current ratio of 3.26, a quick ratio of 2.03 and a debt-to-equity ratio of 0.49. Atkore has a 12 month low of $80.11 and a 12 month high of $194.98. The company has a 50 day simple moving average of $109.66 and a 200-day simple moving average of $142.80.

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

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 1.46%. Atkore’s dividend payout ratio is 7.98%.

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.