Atkore Inc., a leading player in the manufacturing and sale of electrical, mechanical, safety, and infrastructure products, is projected to achieve earnings per share of $6.69 for the current fiscal year, according to analysts.
The company has recently declared a quarterly dividend of $0.32, which is set to be paid on December 16th to stockholders of record as of December 6th. This dividend translates to an annualized figure of $1.28, yielding 1.37%. The ex-dividend date is also December 6th, and Atkore's payout ratio stands at a modest 10.13%, indicating a conservative approach to returning capital to shareholders.
In recent insider trading activities, Mark F. Lamps, an insider at Atkore, sold 500 shares on November 11th at an average price of $96.55, totaling $48,275. Following this transaction, Lamps holds 27,626 shares valued at approximately $2.67 million, reflecting a 1.78% decrease in his position. Additionally, Director Jeri L. Isbell sold 3,353 shares on December 3rd for $315,282.59, resulting in an 11.59% reduction in her ownership. Over the past three months, insiders have sold a total of 16,924 shares valued at $1.61 million, with corporate insiders owning 2.56% of the company.
Atkore's stock has recently experienced fluctuations, opening at $93.65 on Thursday. The company has a market capitalization of $3.27 billion and a price-to-earnings ratio of 7.41. The stock's performance has been volatile, with a 1-year low of $76.01 and a high of $194.98. The company's financial health is reflected in its current ratio of 2.98 and a quick ratio of 1.96, alongside a debt-to-equity ratio of 0.50.
Market analysts have expressed mixed sentiments regarding Atkore's stock. The company currently holds a "Hold" rating, with a consensus price target of $118.80. Recent reports from various financial institutions indicate a range of price targets, with Royal Bank of Canada raising its target to $102.00, while KeyCorp adjusted its target down to $105.00. B. Riley has downgraded Atkore from a "buy" to a "neutral" rating, lowering its price target significantly from $135.00 to $84.00. Loop Capital has also revised its target from $130.00 to $115.00, maintaining a "buy" rating.
Despite the mixed reviews, Atkore's recent earnings report revealed a net margin of 14.77% and a return on equity of 32.14%. The company reported earnings of $2.02 per share for the last quarter, falling short of analysts' expectations of $2.08. However, revenue for the quarter reached $788.30 million, surpassing estimates of $749.49 million, although it represented a 9.4% decline compared to the same quarter last year.
Institutional investors have been active in adjusting their positions in Atkore. Zurcher Kantonalbank Zurich Cantonalbank significantly reduced its stake by 94.7% during the third quarter, now holding only 23,635 shares valued at approximately $2 million. Conversely, Allspring Global Investments Holdings LLC increased its stake by 26.8%, acquiring an additional 261,234 shares, bringing its total to 1,234,350 shares worth over $104 million. Other notable investors include Marshall Wace LLP, which increased its stake by an impressive 1,047.5%, and American Century Companies Inc., which raised its holdings by 22.9%.
As Atkore Inc. moves forward, the company remains focused on its core business of providing essential products and solutions for electrical and mechanical infrastructure. The recent earnings report and dividend announcement signal a commitment to maintaining shareholder value, even amid fluctuating market conditions. Analysts will be closely monitoring the company's performance in the coming quarters, particularly in light of the recent adjustments in price targets and ratings.
With a solid foundation in the manufacturing sector and a diverse product offering, Atkore is well-positioned to capitalize on future growth opportunities.