Loop Capital Issues Pessimistic Forecast for Atkore (NYSE:ATKR) Stock Price

Atkore (NYSE:ATKR) had its price target cut by Loop Capital from $130.00 to $115.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

ATKR has been the topic of several other reports. KeyCorp decreased their price target on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Royal Bank of Canada cut Atkore from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. Finally, B. Riley cut Atkore from a “buy” rating to a “neutral” rating and decreased their price target for the company from $135.00 to $84.00 in a report on Friday. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Atkore has an average rating of “Hold” and an average price target of $117.00.

Atkore Stock Performance

Atkore stock opened at $94.62 on Friday. The stock has a 50-day simple moving average of $87.80 and a 200 day simple moving average of $112.73. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 7.39 and a beta of 2.13. The company has a quick ratio of 1.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.50. Atkore has a 12-month low of $76.01 and a 12-month high of $194.98.

Atkore Dividend Announcement

The company also recently announced 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. This represents a $1.28 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, December 6th. Atkore’s payout ratio is presently 10.13%.

Insider Activity

In other Atkore news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $96.55, for a total transaction 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. This trade represents a 1.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atkore

Several large investors have recently made changes to their positions in ATKR. Tidal Investments LLC grew its stake in Atkore by 38.7% in the 3rd quarter. Tidal Investments LLC now owns 23,744 shares of the company’s stock valued at $2,012,000 after buying an additional 6,628 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Atkore during the third quarter worth approximately $867,000. Vestcor Inc lifted its holdings in Atkore by 130.9% during the 3rd quarter. Vestcor Inc now owns 7,408 shares of the company’s stock worth $628,000 after purchasing an additional 4,200 shares during the last quarter. Barclays PLC boosted its stake in Atkore by 50.2% in the 3rd quarter. Barclays PLC now owns 70,736 shares of the company’s stock valued at $5,994,000 after purchasing an additional 23,628 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its holdings in Atkore by 729.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 27,831 shares of the company’s stock valued at $2,358,000 after buying an additional 24,476 shares in the last quarter.

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.