Citigroup Trims Atkore (NYSE:ATKR) Target Price to $188.00

Atkore (NYSE:ATKR) had its target price cut by analysts at Citigroup from $200.00 to $188.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 19.27% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $187.00 price objective on shares of Atkore in a research report on Friday, March 22nd. StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a research note on Friday, April 5th.

Atkore Stock Performance

Shares of NYSE:ATKR traded up $3.29 during mid-day trading on Wednesday, reaching $157.63. 995,243 shares of the company traded hands, compared to its average volume of 483,466. Atkore has a 52 week low of $116.14 and a 52 week high of $194.98. The firm has a market cap of $5.80 billion, a PE ratio of 9.45 and a beta of 2.19. The company’s 50 day moving average price is $176.72 and its 200-day moving average price is $155.41. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Monday, May 6th. The company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.22 by $0.86. Atkore had a net margin of 18.80% and a return on equity of 46.79%. The business had revenue of $792.90 million during the quarter, compared to analyst estimates of $808.22 million. During the same period in the prior year, the business posted $4.31 earnings per share. The company’s revenue was down 11.5% on a year-over-year basis. On average, equities analysts expect that Atkore will post 15.06 EPS for the current fiscal year.

Insider Buying and Selling at Atkore

In other news, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $158.49, for a total transaction of $1,037,792.52. Following the sale, the insider now owns 30,430 shares of the company’s stock, valued at approximately $4,822,850.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atkore news, VP Leangela W. Lowe sold 6,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the transaction, the vice president now owns 25,590 shares in the company, valued at $4,505,631.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $158.49, for a total value of $1,037,792.52. Following the completion of the sale, the insider now directly owns 30,430 shares in the company, valued at $4,822,850.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,464 shares of company stock valued at $25,124,751. 2.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ICA Group Wealth Management LLC acquired a new position in Atkore during the fourth quarter worth $25,000. GAMMA Investing LLC purchased a new position in Atkore in the 4th quarter valued at about $26,000. LifeSteps Financial Inc. acquired a new stake in Atkore in the 1st quarter worth about $33,000. Global Retirement Partners LLC increased its stake in Atkore by 405.1% during the 1st quarter. Global Retirement Partners LLC now owns 197 shares of the company’s stock worth $38,000 after buying an additional 158 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Atkore during the third quarter valued at approximately $30,000.

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.