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

Atkore Inc. (NYSE:ATKR)’s share price 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.

Wall Street Analyst Weigh In

ATKR has been the topic of several recent analyst reports. Citigroup lifted their price objective on shares of Atkore from $176.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a report on Friday, April 5th. 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

The stock’s 50 day moving average is $176.91 and its two-hundred day moving average is $155.21. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 9.64 and a beta of 2.19. 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 Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Monday, May 20th. Atkore’s dividend payout ratio is presently 7.67%.

Insider Buying and Selling at Atkore

In other news, VP Leangela W. Lowe sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the completion of the transaction, the vice president now directly owns 25,590 shares of the company’s stock, valued at approximately $4,505,631.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Atkore news, VP Leangela W. Lowe sold 6,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the sale, the vice president now directly owns 25,590 shares of the company’s stock, valued at approximately $4,505,631.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $158.49, for a total value of $1,037,792.52. Following the completion of the transaction, the insider now owns 30,430 shares of the company’s stock, valued at approximately $4,822,850.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 148,464 shares of company stock worth $25,124,751. Corporate insiders own 2.56% of the company’s stock.

Institutional Investors Weigh In On Atkore

Several large investors have recently made changes to their positions in ATKR. Cornercap Investment Counsel Inc. raised its position in Atkore by 1.3% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 5,017 shares of the company’s stock worth $803,000 after acquiring an additional 63 shares in the last quarter. Ritholtz Wealth Management grew its holdings in Atkore by 3.5% during the fourth quarter. Ritholtz Wealth Management now owns 2,042 shares of the company’s stock worth $327,000 after purchasing an additional 69 shares during the period. SummerHaven Investment Management LLC increased its position in Atkore by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 4,782 shares of the company’s stock worth $765,000 after buying an additional 69 shares during the last quarter. Riverwater Partners LLC raised its stake in Atkore by 0.6% in the fourth quarter. Riverwater Partners LLC now owns 13,245 shares of the company’s stock valued at $2,119,000 after buying an additional 78 shares during the period. Finally, Navellier & Associates Inc. raised its stake in Atkore by 0.7% in the third quarter. Navellier & Associates Inc. now owns 11,837 shares of the company’s stock valued at $1,766,000 after buying an additional 83 shares during the period.

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.