Atkore Inc. (NYSE:ATKR) Short Interest Update

Atkore Inc. (NYSE:ATKR) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 3,110,000 shares, a drop of 12.9% from the October 31st total of 3,570,000 shares. Based on an average daily trading volume, of 695,800 shares, the short-interest ratio is currently 4.5 days. Approximately 9.1% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research firms have recently weighed in on ATKR. Loop Capital reduced their price objective on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. B. Riley cut 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. Royal Bank of Canada reduced their price objective on shares of Atkore from $99.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, November 22nd. Finally, KeyCorp decreased their target price on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, September 13th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $117.00.

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the transaction, the vice president now owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. This trade represents a 32.20 % decrease in their position. The disclosure for this sale can be found here. 2.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atkore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers increased its stake in shares of Atkore by 315.6% in the first quarter. Cetera Investment Advisers now owns 13,402 shares of the company’s stock worth $2,551,000 after acquiring an additional 10,177 shares during the last quarter. Cetera Advisors LLC purchased a new position in Atkore in the first quarter valued at about $473,000. DNB Asset Management AS acquired a new position in Atkore in the 2nd quarter worth about $9,585,000. Mather Group LLC. grew its stake in shares of Atkore by 895.7% in the 2nd quarter. Mather Group LLC. now owns 468 shares of the company’s stock valued at $63,000 after buying an additional 421 shares in the last quarter. Finally, Park Avenue Securities LLC increased its holdings in Atkore by 9.3% in the second quarter. Park Avenue Securities LLC now owns 7,207 shares of the company’s stock worth $972,000 after buying an additional 614 shares during the last quarter.

Atkore Stock Up 1.2 %

NYSE:ATKR traded up $1.14 on Friday, hitting $94.31. 340,062 shares of the company’s stock traded hands, compared to its average volume of 923,506. The company has a market cap of $3.29 billion, a PE ratio of 7.47 and a beta of 2.13. Atkore has a 1 year low of $76.01 and a 1 year high of $194.98. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $88.49 and a 200-day moving average price of $110.83.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, December 6th will be paid a $0.32 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.28 annualized dividend and a yield of 1.36%. Atkore’s dividend payout ratio is presently 10.13%.

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.