Atkore (NYSE:ATKR) Shares Gap Down to $176.40

Shares of Atkore Inc. (NYSE:ATKR) gapped down before the market opened on Tuesday . The stock had previously closed at $176.40, but opened at $155.13. Atkore shares last traded at $160.32, with a volume of 261,252 shares traded.

Analyst Ratings Changes

ATKR has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $187.00 price target on shares of Atkore in a report on Friday, March 22nd. StockNews.com downgraded shares of Atkore from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Citigroup reduced their price target on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday.

Atkore Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. The company has a market cap of $5.93 billion, a PE ratio of 10.06 and a beta of 2.19. The stock has a 50 day simple moving average of $176.43 and a two-hundred day simple moving average of $155.47.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. The firm had revenue of $792.90 million during the quarter, compared to the consensus estimate of $808.22 million. Atkore had a net margin of 18.80% and a return on equity of 46.79%. Atkore’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.31 EPS. Equities analysts predict that Atkore Inc. will post 15.06 EPS for the current year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Tuesday, May 21st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.79%. The ex-dividend date is Monday, May 20th. Atkore’s dividend payout ratio (DPR) is presently 7.98%.

Insider Buying and Selling at Atkore

In other Atkore news, CEO William E. Jr. Waltz sold 50,000 shares of Atkore stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $173.85, for a total value of $8,692,500.00. Following the transaction, the chief executive officer now directly owns 83,716 shares in the company, valued at approximately $14,554,026.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Atkore news, insider John W. Pregenzer sold 6,548 shares of Atkore stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $158.49, for a total value of $1,037,792.52. Following the sale, the insider now owns 30,430 shares of the company’s stock, valued at approximately $4,822,850.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William E. Jr. Waltz sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $173.85, for a total value of $8,692,500.00. Following the transaction, the chief executive officer now owns 83,716 shares in the company, valued at approximately $14,554,026.60. The disclosure for this sale can be found here. Insiders sold a total of 148,464 shares of company stock valued at $25,124,751 in the last ninety days. Insiders own 2.56% of the company’s stock.

Institutional Trading of Atkore

A number of institutional investors have recently modified their holdings of the business. ICA Group Wealth Management LLC acquired a new stake in Atkore in the fourth quarter valued at $25,000. GAMMA Investing LLC acquired a new stake in shares of Atkore in the fourth quarter valued at about $26,000. Orion Capital Management LLC purchased a new stake in Atkore during the third quarter worth about $30,000. Anchor Investment Management LLC acquired a new position in Atkore during the fourth quarter worth about $32,000. Finally, LifeSteps Financial Inc. acquired a new position in Atkore during the first quarter worth about $33,000.

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.