Atkore (NYSE:ATKR) Hits New 12-Month Low - Time to Sell?

Atkore Inc. (NYSE:ATKR - Get Free Report) shares hit a new 52-week low on Tuesday . The company traded as low as $68.25 and last traded at $68.10, with a volume of 57839 shares. The stock had previously closed at $79.72.

Wall Street Analyst Weigh In

ATKR has been the topic of several recent research reports. Roth Capital raised shares of Atkore to a "strong-buy" rating in a report on Monday, December 16th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $102.00 price objective (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. KeyCorp lowered their target price on Atkore from $105.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday. B. Riley lowered Atkore from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $135.00 to $84.00 in a research report on Friday, November 22nd. Finally, Loop Capital lowered their price objective on Atkore from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Atkore presently has a consensus rating of "Moderate Buy" and an average price target of $111.50.

Atkore Price Performance

The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The business's 50 day moving average price is $84.05 and its two-hundred day moving average price is $91.14. The stock has a market cap of $2.27 billion, a P/E ratio of 5.17 and a beta of 2.12.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.45. The company had revenue of $661.60 million for the quarter, compared to analysts' expectations of $680.77 million. Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm's revenue for the quarter was down 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.12 earnings per share. As a group, sell-side analysts expect that Atkore Inc. will post 6.62 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th will be given a $0.32 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.96%. Atkore's dividend payout ratio is currently 10.13%.

Insiders Place Their Bets

In other news, Director Jeri L. Isbell sold 3,353 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the transaction, the director now owns 25,585 shares in the company, valued at $2,405,757.55. The trade was a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Daniel S. Kelly sold 13,071 shares of the firm's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the sale, the vice president now directly owns 27,528 shares in the company, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,924 shares of company stock valued at $1,614,975. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atkore

A number of hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its holdings in shares of Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company's stock worth $39,291,000 after buying an additional 459,200 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Atkore by 26.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company's stock valued at $104,599,000 after purchasing an additional 261,234 shares in the last quarter. E. Ohman J or Asset Management AB increased its stake in shares of Atkore by 55.2% in the fourth quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company's stock worth $26,569,000 after purchasing an additional 113,263 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Atkore by 80.7% during the 4th quarter. Bank of New York Mellon Corp now owns 246,611 shares of the company's stock valued at $20,580,000 after purchasing an additional 110,107 shares during the period. Finally, M&G PLC purchased a new position in shares of Atkore during the 3rd quarter valued at $9,123,000.

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.