Atkore International Group (ATKR) Stock Rating Upgraded by Zacks Investment Research
Atkore International Group (NYSE:ATKR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday. The firm presently has a $24.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.15% from the company’s current price.
According to Zacks, “Atkore International Group Inc. manufactures and distributes electrical raceway products. It offers steel tubes and pipes, electrical conduit, armored wire and cable, cable trays, metal framing systems and building components. Atkore International Group Inc. is based in Harvey, Illinois. “
Several other brokerages have also recently commented on ATKR. Citigroup increased their target price on shares of Atkore International Group from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. UBS Group began coverage on shares of Atkore International Group in a report on Tuesday, January 23rd. They set a “hold” rating and a $23.00 target price for the company. TheStreet upgraded shares of Atkore International Group from a “d+” rating to a “c-” rating in a report on Wednesday, November 29th. BidaskClub upgraded shares of Atkore International Group from a “hold” rating to a “buy” rating in a report on Saturday, October 21st. Finally, Royal Bank of Canada restated a “buy” rating and set a $23.00 target price on shares of Atkore International Group in a report on Friday, October 13th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Atkore International Group has a consensus rating of “Buy” and an average price target of $24.00.
Atkore International Group (NYSE:ATKR) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.09. The company had revenue of $414.60 million during the quarter, compared to analysts’ expectations of $382.89 million. Atkore International Group had a net margin of 5.97% and a return on equity of 26.99%. The business’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.28 earnings per share. sell-side analysts expect that Atkore International Group will post 1.8 EPS for the current fiscal year.
In other Atkore International Group news, CFO James A. Mallak sold 74,235 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $20.00, for a total value of $1,484,700.00. Following the completion of the sale, the chief financial officer now owns 146,223 shares in the company, valued at $2,924,460. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Patrick Williamson sold 5,352 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $20.00, for a total transaction of $107,040.00. Following the completion of the sale, the insider now owns 170,907 shares of the company’s stock, valued at approximately $3,418,140. The disclosure for this sale can be found here. Insiders have sold 17,557,923 shares of company stock valued at $382,032,981 in the last 90 days. 68.80% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ATKR. Macquarie Group Ltd. acquired a new stake in Atkore International Group in the second quarter valued at $23,777,000. Van Den Berg Management I Inc. lifted its stake in Atkore International Group by 118.7% in the third quarter. Van Den Berg Management I Inc. now owns 1,373,035 shares of the company’s stock valued at $26,788,000 after acquiring an additional 745,160 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Atkore International Group by 7,746.4% in the fourth quarter. Victory Capital Management Inc. now owns 513,393 shares of the company’s stock valued at $11,013,000 after acquiring an additional 506,850 shares during the last quarter. Vanguard Group Inc. lifted its stake in Atkore International Group by 13.3% in the second quarter. Vanguard Group Inc. now owns 3,549,616 shares of the company’s stock valued at $80,044,000 after acquiring an additional 417,268 shares during the last quarter. Finally, State Street Corp lifted its stake in Atkore International Group by 163.2% in the second quarter. State Street Corp now owns 533,175 shares of the company’s stock valued at $12,022,000 after acquiring an additional 330,633 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.
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Atkore International Group Company Profile
Atkore International Group Inc is a manufacturer of electrical raceway products. The Company’s products are primarily offered for non-residential construction and renovation markets, and mechanical products and solutions (MP&S) for the construction and industrial markets. The Company operates in two segments: Electrical Raceway and MP&S.
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