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

Atkore Inc. (NYSE:ATKR) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Stockholders of record on Friday, December 6th will be given a dividend of 0.32 per share on Monday, December 16th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, December 6th.

Atkore has a dividend payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Atkore to earn $10.11 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 12.7%.

Atkore Stock Performance

ATKR traded down $1.44 during midday trading on Tuesday, hitting $86.49. 380,914 shares of the company traded hands, compared to its average volume of 618,197. The company has a quick ratio of 2.03, a current ratio of 3.26 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $3.10 billion, a PE ratio of 6.10 and a beta of 2.13. The company’s 50-day moving average is $87.66 and its 200 day moving average is $114.98. Atkore has a 52 week low of $80.11 and a 52 week high of $194.98.

Insider Activity at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction of $48,275.00. Following the sale, the insider now owns 27,626 shares in the company, valued at $2,667,290.30. This represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ATKR has been the subject of a number of analyst reports. Loop Capital lowered their price target on Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Royal Bank of Canada cut Atkore from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $175.00 to $100.00 in a research report on Wednesday, August 7th. B. Riley dropped their target price on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, KeyCorp decreased their price target on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.60.

Atkore Company Profile

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.