Atkore International Group Inc (ATKR) Downgraded to “Hold” at BidaskClub

Atkore International Group Inc (NASDAQ:ATKR) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday.

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $20.00 price target on shares of Atkore International Group in a research note on Wednesday, August 9th. Zacks Investment Research cut Atkore International Group from a “hold” rating to a “strong sell” rating in a research note on Friday, August 11th. Citigroup Inc reiterated a “buy” rating and issued a $22.00 price target (down previously from $28.00) on shares of Atkore International Group in a research note on Thursday, August 10th. Credit Suisse Group upgraded Atkore International Group from a “neutral” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Wednesday, August 9th. Finally, UBS Group AG (USA) cut Atkore International Group from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $21.00 in a research note on Wednesday, October 11th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $22.25.

Shares of Atkore International Group (ATKR) traded down $0.16 on Friday, hitting $19.04. The company’s stock had a trading volume of 540,408 shares, compared to its average volume of 362,551. Atkore International Group has a 12 month low of $15.05 and a 12 month high of $27.30.

Atkore International Group (NASDAQ:ATKR) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.02. Atkore International Group had a return on equity of 33.89% and a net margin of 6.91%. The company had revenue of $397.70 million for the quarter, compared to analysts’ expectations of $424.49 million. The company’s quarterly revenue was up .5% on a year-over-year basis.

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In other Atkore International Group news, VP James A. Mallak sold 77,856 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $20.00, for a total transaction of $1,557,120.00. Following the sale, the vice president now owns 93,855 shares in the company, valued at $1,877,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Patrick Williamson sold 56,007 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $20.00, for a total value of $1,120,140.00. Following the sale, the insider now owns 179,091 shares in the company, valued at approximately $3,581,820. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,367 shares of company stock worth $3,387,340.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. acquired a new stake in Atkore International Group during the first quarter valued at approximately $139,000. Victory Capital Management Inc. raised its stake in Atkore International Group by 17.7% during the second quarter. Victory Capital Management Inc. now owns 5,898 shares of the company’s stock valued at $133,000 after buying an additional 885 shares in the last quarter. American International Group Inc. acquired a new stake in Atkore International Group during the first quarter valued at approximately $194,000. Legal & General Group Plc raised its stake in Atkore International Group by 300.6% during the second quarter. Legal & General Group Plc now owns 8,140 shares of the company’s stock valued at $183,000 after buying an additional 6,108 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in Atkore International Group during the first quarter valued at approximately $256,000.

About Atkore International Group

Atkore International Group Inc is a manufacturer of electrical raceway products. The Company’s products are primarily offered for non-residential construction and renovation markets, and mechanical products and solutions (MP&S) for the construction and industrial markets. The Company operates in two segments: Electrical Raceway and MP&S.

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