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

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

Atkore has a dividend payout ratio of 11.0% indicating that its dividend is sufficiently covered by earnings. Research 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

Shares of ATKR traded down $1.44 during mid-day trading on Tuesday, reaching $86.49. 380,914 shares of the company’s stock traded hands, compared to its average volume of 618,197. The business’s 50-day moving average price is $87.66 and its 200-day moving average price is $114.98. The stock has a market capitalization of $3.10 billion, a P/E ratio of 6.10 and a beta of 2.13. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.03 and a current ratio of 3.26. Atkore has a 12 month low of $80.11 and a 12 month high of $194.98.

Insider Transactions at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now directly owns 27,626 shares in the company, valued at approximately $2,667,290.30. The trade was a 1.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.56% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.