Royal Bank of Canada Forecasts Strong Price Appreciation for Atkore (NYSE:ATKR) Stock

Atkore (NYSE:ATKR - Get Free Report) had its price objective increased by equities research analysts at Royal Bank of Canada from $64.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank of Canada's price objective points to a potential upside of 7.30% from the stock's current price.

ATKR has been the subject of several other reports. Loop Capital downgraded Atkore from a "buy" rating to a "hold" rating and dropped their price objective for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Citigroup reduced their target price on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, KeyCorp lowered their price target on Atkore from $80.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Atkore has a consensus rating of "Moderate Buy" and an average price target of $75.00.

Atkore Stock Performance

ATKR stock traded up $3.85 during trading on Tuesday, hitting $60.58. The company had a trading volume of 133,937 shares, compared to its average volume of 696,623. Atkore has a 1-year low of $49.92 and a 1-year high of $185.42. The firm has a 50-day moving average price of $61.96 and a 200-day moving average price of $77.36. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $2.10 billion, a PE ratio of 5.86 and a beta of 2.02.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.45. The firm had revenue of $661.60 million for the quarter, compared to analyst estimates of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. Atkore's quarterly revenue was down 17.1% on a year-over-year basis. During the same period last year, the firm posted $4.12 EPS. On average, analysts expect that Atkore will post 5.79 earnings per share for the current year.

Insider Activity at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the completion of the transaction, the insider now directly owns 33,760 shares of the company's stock, valued at $2,194,400. This trade represents a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.99% of the company's stock.

Institutional Trading of Atkore

Hedge funds and other institutional investors have recently bought and sold shares of the company. Gates Capital Management Inc. raised its position in shares of Atkore by 29.6% during the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock valued at $217,584,000 after acquiring an additional 595,774 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Atkore by 10.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company's stock worth $111,467,000 after buying an additional 134,517 shares during the last quarter. First Trust Advisors LP grew its position in shares of Atkore by 195.6% during the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock valued at $98,009,000 after buying an additional 777,113 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Atkore by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company's stock worth $91,028,000 after acquiring an additional 6,234 shares during the period. Finally, LSV Asset Management boosted its stake in Atkore by 24.2% in the fourth quarter. LSV Asset Management now owns 924,100 shares of the company's stock valued at $77,116,000 after acquiring an additional 180,160 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.

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