Atkore Inc. (NYSE:ATKR) Short Interest Down 12.9% in November

by · The Cerbat Gem

Atkore Inc. (NYSE:ATKR – Get Free Report) saw a large drop in short interest during 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 days-to-cover ratio is presently 4.5 days. Approximately 9.1% of the shares of the company are short sold.

Atkore Price Performance

NYSE ATKR traded down $0.30 during trading hours on Tuesday, hitting $93.88. 339,516 shares of the company’s stock traded hands, compared to its average volume of 911,186. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96. The firm’s 50-day moving average is $88.67 and its 200-day moving average is $110.09. Atkore has a 52-week low of $76.01 and a 52-week high of $194.98. The company has a market capitalization of $3.28 billion, a PE ratio of 7.43 and a beta of 2.10.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.28 annualized dividend and a dividend yield of 1.36%. Atkore’s payout ratio is 10.13%.

Insiders Place Their Bets

In related news, Director Jeri L. Isbell sold 3,353 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total transaction of $315,282.59. Following the sale, the director now directly owns 25,585 shares of the company’s stock, valued at $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now directly owns 27,528 shares of the company’s stock, valued at $2,635,530.72. The trade was a 32.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,924 shares of company stock valued at $1,614,975. 2.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Atkore

Hedge funds have recently modified their holdings of the company. Signaturefd LLC grew its stake in shares of Atkore by 445.6% in the 3rd quarter. Signaturefd LLC now owns 491 shares of the company’s stock valued at $42,000 after buying an additional 401 shares during the period. Quarry LP increased its stake in Atkore by 48.8% during the third quarter. Quarry LP now owns 634 shares of the company’s stock worth $54,000 after acquiring an additional 208 shares during the last quarter. Mather Group LLC. raised its position in Atkore by 895.7% in the second quarter. Mather Group LLC. now owns 468 shares of the company’s stock valued at $63,000 after purchasing an additional 421 shares during the period. Covestor Ltd lifted its stake in shares of Atkore by 63.7% in the 3rd quarter. Covestor Ltd now owns 1,002 shares of the company’s stock valued at $85,000 after purchasing an additional 390 shares during the last quarter. Finally, Headlands Technologies LLC grew its holdings in shares of Atkore by 829.9% during the 2nd quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock worth $122,000 after purchasing an additional 805 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently commented on ATKR. Loop Capital dropped their target price on Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. KeyCorp cut their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada decreased their target price on Atkore from $99.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, November 22nd. Finally, B. Riley lowered shares of Atkore from a “buy” rating to a “neutral” rating and cut their price target for the stock from $135.00 to $84.00 in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $117.00.

Read Our Latest Analysis on Atkore

About Atkore

(Get Free Report)

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.

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