Atkore International Group (NYSE:ATKR) Upgraded at Zacks Investment Research
Atkore International Group (NYSE:ATKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $32.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 13.60% from the company’s previous close.
According to Zacks, “Atkore International Group Inc. manufactures and distributes electrical raceway products. It offers steel tubes and pipes, electrical conduit, armored wire and cable, cable trays, metal framing systems and building components. Atkore International Group Inc. is based in Harvey, Illinois. “
Separately, TheStreet upgraded shares of Atkore International Group from a “c” rating to a “b-” rating in a research note on Thursday, May 23rd. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Atkore International Group has a consensus rating of “Hold” and a consensus target price of $28.00.
Atkore International Group (NYSE:ATKR) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.23. Atkore International Group had a net margin of 6.65% and a return on equity of 82.84%. The business had revenue of $493.49 million for the quarter, compared to analyst estimates of $528.63 million. During the same period last year, the firm earned $0.86 earnings per share. Atkore International Group’s revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts forecast that Atkore International Group will post 2.73 earnings per share for the current fiscal year.
In other Atkore International Group news, insider Peter J. Lariviere sold 9,640 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $24.66, for a total transaction of $237,722.40. Following the completion of the transaction, the insider now owns 122,082 shares in the company, valued at approximately $3,010,542.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.03% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in ATKR. Oppenheimer Asset Management Inc. bought a new stake in shares of Atkore International Group in the 2nd quarter valued at $46,000. Point72 Hong Kong Ltd bought a new stake in shares of Atkore International Group in the 2nd quarter valued at $75,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Atkore International Group in the 2nd quarter valued at $95,000. Legal & General Group Plc increased its stake in shares of Atkore International Group by 17.4% in the 4th quarter. Legal & General Group Plc now owns 7,346 shares of the company’s stock valued at $145,000 after acquiring an additional 1,087 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new stake in shares of Atkore International Group in the 2nd quarter valued at $231,000. Hedge funds and other institutional investors own 96.90% of the company’s stock.
About Atkore International Group
Atkore International Group Inc manufactures and distributes electrical raceway products, and mechanical products and solutions (MP&S) in the United States and internationally. The company offers electrical raceway products, including electrical conduits and fittings, armored cables and fittings, and cable trays and mounting systems and fittings.
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