Atkore (NYSE:ATKR) Earns Buy Rating from Analysts at Roth Mkm

Stock analysts at Roth Mkm began coverage on shares of Atkore (NYSE:ATKR) in a research note issued on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $100.00 price target on the stock. Roth Mkm’s price target points to a potential upside of 21.92% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. KeyCorp lowered their target price on 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 reiterated a “sector perform” rating and set a $102.00 target price (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and decreased their price target for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. Finally, Loop Capital reduced their target price on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $115.67.

Atkore Stock Down 3.9 %

Shares of NYSE ATKR opened at $82.02 on Tuesday. The company’s 50 day moving average price is $89.54 and its 200-day moving average price is $104.91. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. Atkore has a 52-week low of $76.01 and a 52-week high of $194.98. The company has a market capitalization of $2.86 billion, a P/E ratio of 6.49 and a beta of 2.10.

Atkore (NYSE:ATKR) last released its earnings results on Thursday, November 21st. The company reported $2.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a net margin of 14.77% and a return on equity of 32.14%. The firm had revenue of $788.30 million during the quarter, compared to analyst estimates of $749.49 million. During the same quarter in the previous year, the firm earned $3.63 EPS. Atkore’s quarterly revenue was down 9.4% on a year-over-year basis. Equities analysts forecast that Atkore will post 6.69 earnings per share for the current year.

Insiders Place Their Bets

In other Atkore news, VP Daniel S. Kelly sold 13,071 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the sale, the vice president now directly owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. This represents a 32.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark F. Lamps sold 500 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $96.55, for a total transaction of $48,275.00. Following the completion of the sale, the insider now owns 27,626 shares of the company’s stock, valued at approximately $2,667,290.30. This trade represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,924 shares of company stock valued at $1,614,975. Corporate insiders own 2.56% of the company’s stock.

Hedge Funds Weigh In On Atkore

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its stake in Atkore by 26.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock valued at $104,599,000 after purchasing an additional 261,234 shares during the period. Marshall Wace LLP raised its position in Atkore by 1,047.5% in the second quarter. Marshall Wace LLP now owns 224,267 shares of the company’s stock worth $30,260,000 after acquiring an additional 204,723 shares during the period. American Century Companies Inc. grew its position in shares of Atkore by 22.9% during the 2nd quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock valued at $104,395,000 after acquiring an additional 144,283 shares during the period. M&G PLC bought a new position in shares of Atkore during the 3rd quarter valued at approximately $9,123,000. Finally, Algert Global LLC increased its stake in shares of Atkore by 331.6% during the 3rd quarter. Algert Global LLC now owns 125,894 shares of the company’s stock worth $10,668,000 after purchasing an additional 96,724 shares during the last quarter.

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.