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

Atkore Inc. (NYSE:ATKR) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totaling 1,922,089 shares, a decline of 15.9% from the November 30th total of 2,286,012 shares. Based on an average trading volume of 500,699 shares, the days-to-cover ratio is currently 3.8 days. Currently, 5.8% of the shares of the company are short sold. Currently, 5.8% of the shares of the company are short sold. Based on an average trading volume of 500,699 shares, the days-to-cover ratio is currently 3.8 days.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the business’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 transaction of $64,750.00. Following the completion of the transaction, the insider directly owned 29,923 shares of the company’s stock, valued at $1,937,514.25. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Atkore

Several large investors have recently modified their holdings of ATKR. Dogwood Wealth Management LLC bought a new stake in Atkore in the second quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Atkore during the second quarter valued at $28,000. Kestra Investment Management LLC increased its position in Atkore by 710.9% during the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after acquiring an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Atkore by 1,263.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after acquiring an additional 480 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Atkore in the first quarter valued at $36,000.

Atkore Stock Performance

NYSE ATKR opened at $63.82 on Wednesday. Atkore has a twelve month low of $49.92 and a twelve month high of $89.46. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of -122.72 and a beta of 1.57. The business has a 50-day moving average price of $65.55 and a 200-day moving average price of $65.53. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.54.

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

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, December 5th. Atkore’s dividend payout ratio (DPR) is presently -253.85%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Atkore in a research note on Monday. 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. Roth Capital boosted their price target on Atkore from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, December 15th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Atkore in a research report on Friday, November 14th. One investment 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 given a Sell rating to the company’s stock. According to MarketBeat.com, Atkore presently has a consensus rating of “Hold” and an average price target of $70.00.

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.