Atkore Inc. (NYSE:ATKR) Sees Significant Growth in Short Interest

Atkore Inc. (NYSE:ATKR) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 5,850,000 shares, a growth of 15.6% from the March 31st total of 5,060,000 shares. Approximately 16.1% of the company’s shares are short sold. Based on an average daily volume of 485,800 shares, the days-to-cover ratio is currently 12.0 days.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ATKR. StockNews.com upgraded Atkore from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Citigroup raised their price objective on Atkore from $176.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $187.00 target price on shares of Atkore in a report on Friday, March 22nd.

Atkore Stock Performance

NYSE:ATKR opened at $175.25 on Wednesday. The firm’s fifty day simple moving average is $174.91 and its 200 day simple moving average is $154.05. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51. Atkore has a twelve month low of $116.14 and a twelve month high of $194.98. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 10.51 and a beta of 2.19.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Thursday, February 1st. The company reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $3.08 by $1.04. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The company had revenue of $798.50 million for the quarter, compared to analysts’ expectations of $777.05 million. During the same quarter in the previous year, the firm posted $4.51 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. As a group, equities research analysts expect that Atkore will post 15.06 earnings per share for the current fiscal year.

Insider Transactions at Atkore

In related news, CEO William E. Jr. Waltz sold 50,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 83,716 shares in the company, valued at $14,554,026.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William E. Jr. Waltz sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $173.85, for a total value of $8,692,500.00. Following the completion of the sale, the chief executive officer now directly owns 83,716 shares in the company, valued at $14,554,026.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Daniel S. Kelly sold 8,685 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.07, for a total transaction of $1,503,112.95. Following the transaction, the vice president now directly owns 34,907 shares of the company’s stock, valued at approximately $6,041,354.49. The disclosure for this sale can be found here. Insiders have sold 148,464 shares of company stock worth $25,124,751 over the last quarter. 2.56% of the stock is currently owned by insiders.

Institutional Trading of Atkore

Several large investors have recently bought and sold shares of the company. ICA Group Wealth Management LLC purchased a new stake in shares of Atkore during the fourth quarter worth about $25,000. GAMMA Investing LLC acquired a new stake in Atkore during the 4th quarter valued at approximately $26,000. Orion Capital Management LLC purchased a new stake in Atkore during the 3rd quarter worth approximately $30,000. Anchor Investment Management LLC acquired a new position in shares of Atkore in the 4th quarter valued at approximately $32,000. Finally, LifeSteps Financial Inc. purchased a new position in shares of Atkore during the 1st quarter valued at approximately $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.