Atkore (NYSE:ATKR) Sets New 52-Week Low – Should You Sell?

Shares of Atkore Inc. (NYSE:ATKR) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $76.00 and last traded at $76.00, with a volume of 22584 shares changing hands. The stock had previously closed at $84.15.

Analyst Ratings Changes

ATKR has been the subject of several recent analyst reports. KeyCorp reduced their target price on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, September 13th. 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. B. Riley lowered their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Loop Capital lowered their price target on Atkore from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.60.

Atkore Stock Performance

The company has a current ratio of 3.26, a quick ratio of 2.03 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $3.01 billion, a PE ratio of 5.79 and a beta of 2.13. The business’s fifty day moving average is $87.75 and its two-hundred day moving average is $114.14.

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, December 6th. Atkore’s payout ratio is 8.99%.

Insider Activity

In related news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the transaction, the insider now owns 27,626 shares of the company’s stock, valued at approximately $2,667,290.30. This represents a 1.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.56% of the company’s stock.

Institutional Trading of Atkore

Hedge funds have recently made changes to their positions in the business. Hodges Capital Management Inc. bought a new position in Atkore during the 2nd quarter valued at about $4,158,000. Capital World Investors bought a new position in Atkore in the 1st quarter worth about $14,986,000. Boston Trust Walden Corp bought a new position in Atkore in the 2nd quarter worth about $23,306,000. Maverick Capital Ltd. grew its stake in Atkore by 386.9% in the 2nd quarter. Maverick Capital Ltd. now owns 9,709 shares of the company’s stock worth $1,310,000 after acquiring an additional 7,715 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Atkore by 1.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 449,323 shares of the company’s stock worth $85,535,000 after acquiring an additional 4,852 shares in the last quarter.

Atkore Company Profile

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.