Atkore (NYSE:ATKR) Stock Price Up 7.8% – Here’s Why

Shares of Atkore Inc. (NYSE:ATKR) were up 7.8% during mid-day trading on Friday . The company traded as high as $91.76 and last traded at $91.74. Approximately 176,404 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 627,716 shares. The stock had previously closed at $85.14.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Loop Capital reduced their price objective on shares of Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. B. Riley cut shares of Atkore from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $135.00 to $84.00 in a research note on Friday. Royal Bank of Canada reduced their target price on Atkore from $99.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, KeyCorp dropped their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $117.00.

Atkore Trading Up 7.5 %

The company has a quick ratio of 2.03, a current ratio of 3.26 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $87.74 and a two-hundred day moving average of $113.93. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 6.43 and a beta of 2.13.

Atkore Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, December 6th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, December 6th. Atkore’s dividend payout ratio (DPR) is 8.99%.

Insider Activity

In other Atkore news, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now owns 27,626 shares of the company’s stock, valued at $2,667,290.30. This trade represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.56% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in shares of Atkore in the 3rd quarter valued at about $867,000. Vestcor Inc lifted its stake in shares of Atkore by 130.9% in the 3rd quarter. Vestcor Inc now owns 7,408 shares of the company’s stock worth $628,000 after acquiring an additional 4,200 shares during the period. Barclays PLC boosted its stake in Atkore by 50.2% during the 3rd quarter. Barclays PLC now owns 70,736 shares of the company’s stock valued at $5,994,000 after purchasing an additional 23,628 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Atkore by 729.5% during the third quarter. Y Intercept Hong Kong Ltd now owns 27,831 shares of the company’s stock valued at $2,358,000 after buying an additional 24,476 shares in the last quarter. Finally, MML Investors Services LLC grew its stake in shares of Atkore by 38.2% in the 3rd quarter. MML Investors Services LLC now owns 10,973 shares of the company’s stock worth $930,000 after purchasing an additional 3,035 shares during the last quarter.

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.