Atkore Inc. (NYSE:ATKR) Sees Significant Decline in Short Interest

Atkore Inc. (NYSE:ATKR) was the recipient of a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 1,238,324 shares, a decline of 18.0% from the December 31st total of 1,509,515 shares. Based on an average daily volume of 358,224 shares, the short-interest ratio is currently 3.5 days. Currently, 3.7% of the shares of the company are sold short. Currently, 3.7% of the shares of the company are sold short. Based on an average daily volume of 358,224 shares, the short-interest ratio is currently 3.5 days.

Atkore Stock Performance

NYSE ATKR traded up $0.65 on Monday, hitting $70.10. 532,351 shares of the company traded hands, compared to its average volume of 366,195. The business’s 50 day moving average price is $66.90 and its 200-day moving average price is $65.08. Atkore has a 52-week low of $49.92 and a 52-week high of $82.28. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -134.81 and a beta of 1.60.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Wednesday, November 19th. The company reported $0.69 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.61). Atkore had a positive return on equity of 12.98% and a negative net margin of 0.53%.The company had revenue of $752.01 million during the quarter, compared to the consensus estimate of $733.61 million. During the same period last year, the business earned $2.43 EPS. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. Equities analysts expect that Atkore will post 5.79 earnings per share for the current year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, February 17th. This represents a $1.32 dividend on an annualized basis and a yield of 1.9%. Atkore’s dividend payout ratio (DPR) is presently -253.85%.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $64.75, for a total value of $64,750.00. Following the sale, the insider owned 29,923 shares in the company, valued at approximately $1,937,514.25. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Atkore

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Atkore in the second quarter worth about $28,000. Kestra Investment Management LLC grew its holdings in Atkore by 710.9% during the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after buying an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Atkore by 1,263.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after acquiring an additional 480 shares during the last quarter. Strs Ohio purchased a new stake in shares of Atkore during the 1st quarter worth approximately $36,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Atkore by 61.8% during the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after acquiring an additional 246 shares in the last quarter.

Wall Street Analyst Weigh In

ATKR has been the topic of several research analyst reports. CJS Securities raised Atkore to a “strong-buy” rating in a report on Thursday, December 11th. Citigroup lowered their target price on Atkore from $66.00 to $64.00 and set a “neutral” rating on the stock in a report on Friday, November 21st. Royal Bank Of Canada reissued a “sector perform” rating and issued a $64.00 target price on shares of Atkore in a research report on Thursday, January 15th. KeyCorp reaffirmed a “sector weight” rating on shares of Atkore in a research report on Friday, November 14th. Finally, Roth Mkm increased their price objective on shares of Atkore from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $68.80.

Atkore Company Profile

Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.