Atkore Inc. (NYSE:ATKR) Declares Quarterly Dividend of $0.32

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Shareholders of record on Tuesday, February 18th will be paid a dividend of 0.32 per share on Friday, February 28th. This represents a $1.28 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Tuesday, February 18th.

Atkore has a payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Atkore to earn $7.78 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 16.5%.

Atkore Stock Down 2.5 %

Shares of NYSE:ATKR traded down $2.12 during mid-day trading on Friday, hitting $81.45. 538,159 shares of the company traded hands, compared to its average volume of 448,871. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $86.24 and a two-hundred day moving average price of $93.80. Atkore has a 12-month low of $76.01 and a 12-month high of $194.98. The stock has a market cap of $2.83 billion, a P/E ratio of 6.45 and a beta of 2.13.

Atkore (NYSE:ATKR) last announced its earnings results on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a net margin of 14.77% and a return on equity of 32.14%. The firm had revenue of $788.30 million during the quarter, compared to analysts’ expectations of $749.49 million. During the same quarter in the prior year, the company earned $3.63 EPS. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, equities research analysts forecast that Atkore will post 6.62 earnings per share for the current year.

Insider Transactions at Atkore

In other Atkore news, Director Jeri L. Isbell sold 3,353 shares of Atkore 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 completion of the sale, the director now owns 25,585 shares of the company’s stock, valued at $2,405,757.55. The trade was a 11.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the transaction, the insider now owns 27,626 shares in the company, valued at $2,667,290.30. This trade represents a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,924 shares of company stock valued at $1,614,975. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ATKR has been the subject of a number of research analyst reports. Roth Mkm initiated coverage on Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price target for the company. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and dropped their price target for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price objective (up previously from $93.00) on shares of Atkore in a report on Wednesday, December 4th. Loop Capital lowered their target price on shares of Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, Roth Capital raised Atkore to a “strong-buy” rating in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Atkore presently has an average rating of “Moderate Buy” and an average price target of $115.67.

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.