Atkore Inc. (NYSE:ATKR) Short Interest Down 15.3% in October

Atkore Inc. (NYSE:ATKR) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 3,650,000 shares, a decline of 15.3% from the September 30th total of 4,310,000 shares. Approximately 10.3% of the company’s shares are sold short. Based on an average daily volume of 835,400 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. KeyCorp dropped their target price on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday, September 13th. Loop Capital cut their price target on Atkore from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Royal Bank of Canada downgraded Atkore from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Finally, B. Riley reduced their target price on shares of Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.60.

Atkore Stock Performance

NYSE ATKR opened at $85.51 on Thursday. Atkore has a 1 year low of $80.11 and a 1 year high of $194.98. 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 company has a market capitalization of $3.12 billion, a PE ratio of 5.33 and a beta of 2.14. The company has a fifty day moving average of $87.48 and a two-hundred day moving average of $123.00.

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

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ATKR. Roman Butler Fullerton & Co. increased its position in Atkore by 74.1% in the 3rd quarter. Roman Butler Fullerton & Co. now owns 5,543 shares of the company’s stock valued at $474,000 after acquiring an additional 2,359 shares during the period. Van ECK Associates Corp boosted its stake in shares of Atkore by 40.0% in the third quarter. Van ECK Associates Corp now owns 24,927 shares of the company’s stock valued at $2,136,000 after buying an additional 7,123 shares in the last quarter. CacheTech Inc. grew its holdings in Atkore by 56.6% during the third quarter. CacheTech Inc. now owns 25,761 shares of the company’s stock worth $2,183,000 after acquiring an additional 9,310 shares during the period. Silver Coast Investments LLC raised its position in Atkore by 11.8% in the third quarter. Silver Coast Investments LLC now owns 5,178 shares of the company’s stock worth $439,000 after acquiring an additional 546 shares in the last quarter. Finally, US Bancorp DE raised its position in Atkore by 19.6% in the third quarter. US Bancorp DE now owns 4,169 shares of the company’s stock worth $353,000 after acquiring an additional 683 shares in 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.