Atkore (NYSE:ATKR) Hits New 52-Week High – Time to Buy?

Atkore Inc. (NYSE:ATKR) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $94.53 and last traded at $94.5290, with a volume of 122344 shares trading hands. The stock had previously closed at $94.07.

Wall Street Analysts Forecast Growth

ATKR has been the subject of several recent research reports. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. Roth Capital cut shares of Atkore from a “buy” rating to a “neutral” rating and upped their target price for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Atkore has a consensus rating of “Hold” and an average target price of $143.33.

Atkore Stock Down 0.0%

The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04. The firm has a market capitalization of $3.19 billion, a P/E ratio of -19.65 and a beta of 1.68. The firm’s fifty day moving average price is $86.86 and its 200-day moving average price is $76.66.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, August 4th. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.53 by $0.39. The firm had revenue of $794.80 million for the quarter, compared to analysts’ expectations of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same quarter in the previous year, the company earned $2.17 earnings per share. As a group, equities research analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, August 18th. Atkore’s payout ratio is currently -27.44%.

Insider Buying and Selling at Atkore

In related news, insider Mark Lamps sold 300 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atkore

Hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new position in shares of Atkore during the 2nd quarter valued at about $28,000. Integrated Wealth Concepts LLC bought a new stake in shares of Atkore in the 2nd quarter worth approximately $31,000. State of Wyoming bought a new stake in shares of Atkore in the 2nd quarter worth approximately $56,000. Parkside Financial Bank & Trust lifted its stake in Atkore by 1,456.0% during the second quarter. Parkside Financial Bank & Trust now owns 778 shares of the company’s stock valued at $59,000 after purchasing an additional 728 shares during the last quarter. Finally, Nykredit A S acquired a new stake in Atkore during the second quarter valued at approximately $81,000.

Atkore Company Profile

Atkore Inc (NYSE: ATKR) manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company’s products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.