Atkore Inc. (ATKR) to Issue Quarterly Dividend of $0.32 on May 31st

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders of record on Tuesday, May 21st will be paid a dividend of 0.32 per share on Friday, May 31st. This represents a $1.28 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Monday, May 20th.

Atkore has a payout ratio of 7.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Atkore to earn $16.21 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 7.9%.

Atkore Trading Down 1.2 %

Shares of Atkore stock opened at $151.78 on Friday. The company has a market capitalization of $5.53 billion, a P/E ratio of 9.46 and a beta of 2.19. The stock has a fifty day simple moving average of $174.86 and a 200 day simple moving average of $156.75. Atkore has a 12-month low of $116.14 and a 12-month high of $194.98. The company has a current ratio of 3.09, a quick ratio of 1.98 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last posted its earnings results on Monday, May 6th. The company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.86. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm had revenue of $792.90 million during the quarter, compared to analyst estimates of $808.22 million. During the same quarter in the prior year, the business posted $4.31 EPS. The business’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Atkore will post 14.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Atkore

In related news, CEO William E. Jr. Waltz sold 43,072 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $160.48, for a total value of $6,912,194.56. Following the transaction, the chief executive officer now owns 83,716 shares of the company’s stock, valued at $13,434,743.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider John W. Pregenzer sold 6,548 shares of the business’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 approximately $4,822,850.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William E. Jr. Waltz sold 43,072 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $160.48, for a total transaction of $6,912,194.56. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares of the company’s stock, valued at approximately $13,434,743.68. The disclosure for this sale can be found here. Insiders sold a total of 148,964 shares of company stock worth $25,203,586 over the last three months. 2.56% of the stock is owned by insiders.

Analysts Set New Price Targets

ATKR has been the subject of several analyst reports. Citigroup cut their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. StockNews.com lowered Atkore from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $187.00 price objective on shares of Atkore in a report on Friday, March 22nd.

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.