Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR - Get Free Report) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 4,310,000 shares, a growth of 8.8% from the September 15th total of 3,960,000 shares. Approximately 12.2% of the shares of the company are short sold. Based on an average daily volume of 837,600 shares, the short-interest ratio is presently 5.1 days.

Atkore Price Performance

Shares of Atkore stock traded down $0.35 during mid-day trading on Thursday, reaching $88.64. 522,650 shares of the stock were exchanged, compared to its average volume of 618,088. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 5.55 and a beta of 2.14. Atkore has a fifty-two week low of $80.11 and a fifty-two week high of $194.98. 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 firm has a 50-day simple moving average of $89.13 and a 200 day simple moving average of $129.56.

Atkore (NYSE:ATKR - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.52 by $0.28. The company had revenue of $822.40 million during the quarter, compared to analysts' expectations of $830.16 million. Atkore had a net margin of 16.47% and a return on equity of 36.96%. Atkore's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.13 earnings per share. On average, sell-side analysts predict that Atkore will post 12.69 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.44%. Atkore's dividend payout ratio (DPR) is 7.98%.

Analysts Set New Price Targets

A number of research analysts recently commented on ATKR shares. KeyCorp cut their target price on Atkore from $125.00 to $105.00 and set an "overweight" rating for the company in a research note on Friday, September 13th. B. Riley reduced their price objective on shares of Atkore from $183.00 to $135.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada cut shares of Atkore from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. Finally, Loop Capital cut their price target on shares of Atkore from $160.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $131.60.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the transaction, the insider now owns 28,086 shares of the company's stock, valued at approximately $2,681,370.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Atkore

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Boston Partners increased its holdings in shares of Atkore by 12.0% in the first quarter. Boston Partners now owns 1,340,146 shares of the company's stock valued at $254,733,000 after purchasing an additional 143,121 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Atkore by 28.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 973,116 shares of the company's stock worth $131,303,000 after buying an additional 216,997 shares during the period. American Century Companies Inc. raised its stake in shares of Atkore by 22.9% during the second quarter. American Century Companies Inc. now owns 773,697 shares of the company's stock worth $104,395,000 after buying an additional 144,283 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Atkore by 48.4% in the first quarter. Clearbridge Investments LLC now owns 514,908 shares of the company's stock valued at $98,018,000 after buying an additional 168,042 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Atkore by 1.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 449,323 shares of the company's stock valued at $85,535,000 after buying an additional 4,852 shares during the period.

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.