Short Interest in Atkore Inc. (NYSE:ATKR) Decreases By 15.3%

Atkore Inc. (NYSE:ATKR) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 3,650,000 shares, a decrease of 15.3% from the September 30th total of 4,310,000 shares. Based on an average daily volume of 835,400 shares, the short-interest ratio is currently 4.4 days. Currently, 10.3% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research firms have issued reports on ATKR. KeyCorp decreased their price target on shares of 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 lowered Atkore from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $175.00 to $100.00 in a report on Wednesday, August 7th. Loop Capital cut their price target on shares of Atkore from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Finally, B. Riley decreased their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.60.

Insider Transactions at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the sale, the insider now owns 28,086 shares of the company’s stock, valued at $2,681,370.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.56% of the company’s stock.

Institutional Trading of Atkore

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System increased its holdings in Atkore by 0.8% in the 2nd 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 in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Atkore by 2.0% during the second quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock worth $667,000 after purchasing an additional 99 shares in the last quarter. Meixler Investment Management Ltd. raised its position in shares of Atkore by 6.5% during the 2nd quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock worth $263,000 after purchasing an additional 119 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Atkore by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock valued at $555,000 after buying an additional 129 shares in the last quarter. Finally, Riverwater Partners LLC increased its stake in Atkore by 1.1% during the 2nd quarter. Riverwater Partners LLC now owns 14,310 shares of the company’s stock worth $1,931,000 after buying an additional 159 shares in the last quarter.

Atkore Stock Performance

ATKR opened at $85.51 on Thursday. The stock has a market cap of $3.12 billion, a P/E ratio of 5.33 and a beta of 2.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. The firm has a fifty day moving average price of $87.48 and a 200 day moving average price of $123.00. Atkore has a 1 year low of $80.11 and a 1 year high of $194.98.

Atkore (NYSE:ATKR) last posted its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.28. The business had revenue of $822.40 million for the quarter, compared to analyst estimates of $830.16 million. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $5.13 EPS. Equities research analysts anticipate that Atkore will post 12.69 earnings per share for the current year.

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.