Atkore International Group (NYSE:ATKR) Rating Lowered to Sector Perform at Royal Bank of Canada

Atkore International Group (NYSE:ATKR) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a note issued to investors on Wednesday, MarketBeat reports. They presently have a $22.00 target price on the stock, down from their previous target price of $44.00. Royal Bank of Canada’s target price would indicate a potential downside of 1.35% from the stock’s previous close.

ATKR opened at $22.30 on Wednesday. The stock has a fifty day moving average of $34.65 and a 200-day moving average of $36.39. The firm has a market capitalization of $881.78 million, a P/E ratio of 7.41 and a beta of 1.69. Atkore International Group has a 12-month low of $10.85 and a 12-month high of $43.50. The company has a quick ratio of 1.74, a current ratio of 2.61 and a debt-to-equity ratio of 3.11.

Atkore International Group (NYSE:ATKR) last released its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.16. The company had revenue of $447.45 million during the quarter, compared to analyst estimates of $463.80 million. Atkore International Group had a return on equity of 67.84% and a net margin of 7.68%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share.

In other news, insider Peter J. Lariviere sold 6,000 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $42.27, for a total value of $253,620.00. Following the completion of the sale, the insider now owns 110,213 shares in the company, valued at $4,658,703.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter J. Lariviere sold 1,000 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $37.74, for a total value of $37,740.00. Following the completion of the sale, the insider now owns 109,213 shares of the company’s stock, valued at approximately $4,121,698.62. The disclosure for this sale can be found here. 1.78% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. increased its stake in shares of Atkore International Group by 95.2% in the fourth quarter. Advisor Group Inc. now owns 697 shares of the company’s stock worth $28,000 after acquiring an additional 340 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Atkore International Group in the fourth quarter worth $39,000. Sowell Financial Services LLC acquired a new position in shares of Atkore International Group in the fourth quarter worth $45,000. Group One Trading L.P. acquired a new position in shares of Atkore International Group in the fourth quarter worth $59,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Atkore International Group in the fourth quarter worth $61,000. 96.34% of the stock is currently owned by institutional investors and hedge funds.

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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