Atkore Inc. (NYSE:ATKR) to Issue Quarterly Dividend of $0.32

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Investors of record on Tuesday, February 18th will be given a dividend of 0.32 per share on Friday, February 28th. This represents a $1.28 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Tuesday, February 18th.

Atkore has a payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Atkore to earn $7.78 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 16.5%.

Atkore Trading Down 2.5 %

ATKR traded down $2.12 during midday trading on Friday, reaching $81.45. 538,174 shares of the company were exchanged, compared to its average volume of 448,883. The stock has a market capitalization of $2.83 billion, a P/E ratio of 6.45 and a beta of 2.13. Atkore has a one year low of $76.01 and a one year high of $194.98. The stock’s 50-day simple moving average is $86.24 and its 200 day simple moving average is $93.80. 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 (NYSE:ATKR) last released its quarterly earnings data on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm had revenue of $788.30 million for the quarter, compared to the consensus estimate of $749.49 million. During the same period in the previous year, the business earned $3.63 EPS. The firm’s revenue was down 9.4% compared to the same quarter last year. As a group, analysts forecast that Atkore will post 6.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ATKR has been the topic of a number of research analyst reports. Roth Mkm began coverage on Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price target on the stock. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Roth Capital raised shares of Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Loop Capital lowered their price objective on shares of Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price objective (up from $93.00) on shares of Atkore in a report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.67.

Insiders Place Their Bets

In other news, Director Jeri L. Isbell sold 3,353 shares of Atkore stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the transaction, the director now owns 25,585 shares of the company’s stock, valued at $2,405,757.55. This trade represents a 11.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark F. Lamps sold 500 shares of the company’s 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 directly owns 27,626 shares in the company, valued at approximately $2,667,290.30. The trade was a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,924 shares of company stock valued at $1,614,975 in the last 90 days. 1.99% of the stock is currently owned by insiders.

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.