Atkore Inc. (NYSE:ATKR) Sees Large Increase in Short Interest

Atkore Inc. (NYSE:ATKR) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 2,160,000 shares, an increase of 16.8% from the February 13th total of 1,850,000 shares. Currently, 6.4% of the company’s stock are short sold. Based on an average daily volume of 659,800 shares, the days-to-cover ratio is currently 3.3 days.

Atkore Stock Up 2.8 %

Shares of ATKR traded up $1.79 during mid-day trading on Wednesday, hitting $66.83. 709,065 shares of the company’s stock were exchanged, compared to its average volume of 666,425. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 6.47 and a beta of 2.22. The firm has a fifty day moving average of $72.44 and a two-hundred day moving average of $82.14. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. Atkore has a twelve month low of $55.91 and a twelve month high of $194.98.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The firm had revenue of $661.60 million during the quarter, compared to analysts’ expectations of $680.77 million. During the same period in the prior year, the company posted $4.12 earnings per share. Atkore’s revenue for the quarter was down 17.1% on a year-over-year basis. On average, sell-side analysts forecast that Atkore will post 5.79 earnings per share for the current year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Atkore’s payout ratio is 12.39%.

Analysts Set New Price Targets

Several equities analysts have weighed in on ATKR shares. Loop Capital cut Atkore from a “buy” rating to a “hold” rating and lowered their target price for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Roth Mkm began coverage on shares of Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price objective on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 target price (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. Roth Capital raised shares of Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Finally, B. Riley downgraded 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, November 22nd. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $103.17.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction on Monday, February 10th. The stock was sold at an average price of $65.00, for a total transaction of $32,500.00. Following the transaction, the insider now owns 33,760 shares in the company, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Atkore

Several institutional investors and hedge funds have recently added to or reduced their stakes in ATKR. First Trust Advisors LP raised its position in shares of Atkore by 195.6% in the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock valued at $98,009,000 after purchasing an additional 777,113 shares during the period. Gates Capital Management Inc. grew its stake in Atkore by 29.6% in the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company’s stock valued at $217,584,000 after buying an additional 595,774 shares during the last quarter. Wellington Management Group LLP raised its holdings in Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock worth $50,658,000 after acquiring an additional 513,631 shares during the period. Norges Bank acquired a new position in Atkore during the 4th quarter worth $42,339,000. Finally, Victory Capital Management Inc. boosted its holdings in Atkore by 3,948.4% during the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after acquiring an additional 459,200 shares during the period.

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.