Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR - Get Free Report) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 6,210,000 shares, a growth of 8.2% from the July 15th total of 5,740,000 shares. Currently, 17.6% of the company's shares are sold short. Based on an average trading volume of 744,800 shares, the days-to-cover ratio is currently 8.3 days.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the firm's stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the transaction, the insider now directly owns 28,086 shares in the company, valued at approximately $2,681,370.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Mark F. Lamps sold 500 shares of the firm's stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the sale, the insider now owns 28,086 shares of the company's stock, valued at approximately $2,681,370.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wilbert W. James, Jr. sold 599 shares of the firm's stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the sale, the director now directly owns 15,695 shares in the company, valued at approximately $2,404,944.85. The disclosure for this sale can be found here. 2.56% of the stock is currently owned by company insiders.

Institutional Trading of Atkore

A number of institutional investors have recently bought and sold shares of the company. SummerHaven Investment Management LLC boosted its position in Atkore by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 4,782 shares of the company's stock worth $765,000 after purchasing an additional 69 shares in the last quarter. Roman Butler Fullerton & Co. raised its holdings in shares of Atkore by 3.2% in the fourth quarter. Roman Butler Fullerton & Co. now owns 2,755 shares of the company's stock worth $422,000 after acquiring an additional 85 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Atkore by 0.8% in the second quarter. Arizona State Retirement System now owns 10,294 shares of the company's stock worth $1,389,000 after acquiring an additional 85 shares during the last quarter. Opinicus Capital Inc. raised its holdings in shares of Atkore by 3.8% in the first quarter. Opinicus Capital Inc. now owns 3,263 shares of the company's stock worth $621,000 after acquiring an additional 118 shares during the last quarter. Finally, Meixler Investment Management Ltd. increased its stake in Atkore by 6.5% in the second quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company's stock valued at $263,000 after purchasing an additional 119 shares during the last quarter.

Wall Street Analyst Weigh In

ATKR has been the topic of several research analyst reports. KeyCorp cut their target price on Atkore from $175.00 to $125.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 7th. Citigroup cut their price target on Atkore from $200.00 to $188.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 8th. Royal Bank of Canada lowered Atkore from an "outperform" rating to a "sector perform" rating and cut their price target for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. B. Riley cut their price target 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, StockNews.com lowered Atkore from a "buy" rating to a "hold" rating in a research report on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $137.00.

Atkore Price Performance

Shares of Atkore stock traded up $1.40 during trading on Monday, reaching $96.99. The company's stock had a trading volume of 751,740 shares, compared to its average volume of 617,470. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49. Atkore has a 12-month low of $91.31 and a 12-month high of $194.98. The company has a market capitalization of $3.53 billion, a P/E ratio of 5.99 and a beta of 2.15. The business has a 50 day moving average price of $129.03 and a 200-day moving average price of $152.11.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, beating analysts' consensus estimates of $3.52 by $0.28. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The firm had revenue of $822.40 million for the quarter, compared to the consensus estimate of $830.16 million. During the same period in the previous year, the business earned $5.13 earnings per share. The company's revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atkore will post 14.93 EPS for the current year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.32%. Atkore's dividend payout ratio (DPR) is presently 7.98%.

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.

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