Atkore (NYSE:ATKR) Given New $130.00 Price Target at Loop Capital

Atkore (NYSE:ATKR) had its price objective cut by Loop Capital from $160.00 to $130.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on ATKR. KeyCorp dropped their price target on shares of Atkore from $125.00 to $105.00 and set an overweight rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada lowered shares of Atkore from an outperform rating to a sector perform rating and dropped their price target for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Finally, B. Riley dropped their price target on shares of Atkore from $183.00 to $135.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $131.60.

Atkore Stock Performance

Shares of ATKR stock opened at $87.02 on Friday. The company’s fifty day simple moving average is $106.42 and its 200-day simple moving average is $141.15. The company has a quick ratio of 2.03, a current ratio of 3.26 and a debt-to-equity ratio of 0.49. The firm has a market cap of $3.17 billion, a PE ratio of 5.43 and a beta of 2.14. Atkore has a 12 month low of $80.11 and a 12 month high of $194.98.

Atkore (NYSE:ATKR) last announced 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 net margin of 16.47% and a return on equity of 36.96%. The business 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 firm posted $5.13 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. Equities research analysts expect that Atkore will post 12.69 EPS for the current fiscal year.

Atkore Announces Dividend

The business 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. This represents a $1.28 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Tuesday, August 20th. Atkore’s payout ratio is presently 7.98%.

Insider Activity

In other news, insider Mark F. Lamps sold 500 shares of the stock in a transaction dated Monday, August 12th. The shares were 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 $2,681,370.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.56% of the company’s stock.

Hedge Funds Weigh In On Atkore

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

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.