Atkore International Group Inc (NASDAQ:ATKR) Raised to “Outperform” at Credit Suisse Group

Atkore International Group Inc (NASDAQ:ATKR) was upgraded by analysts at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a research report issued on Wednesday, August 9th, MarketBeat reports. The brokerage currently has a $22.00 target price on the stock. Credit Suisse Group’s price objective would indicate a potential upside of 34.89% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Atkore International Group from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Royal Bank Of Canada restated a “buy” rating and set a $31.00 price target on shares of Atkore International Group in a report on Tuesday, April 11th.

Shares of Atkore International Group (NASDAQ ATKR) opened at 16.31 on Wednesday. The company’s 50-day moving average is $20.52 and its 200-day moving average is $23.56. Atkore International Group has a 12 month low of $15.05 and a 12 month high of $27.30. The stock has a market capitalization of $1.05 billion and a PE ratio of 13.46.

Atkore International Group (NASDAQ:ATKR) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $397.70 million for the quarter, compared to the consensus estimate of $424.49 million. Atkore International Group had a net margin of 6.91% and a return on equity of 33.89%. The business’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts expect that Atkore International Group will post $1.43 earnings per share for the current fiscal year.

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In other news, insider John Patrick Williamson sold 70,000 shares of the firm’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $21.78, for a total transaction of $1,524,600.00. Following the transaction, the insider now owns 201,625 shares in the company, valued at approximately $4,391,392.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

A number of hedge funds and other institutional investors have recently bought and sold shares of ATKR. Vanguard Group Inc. raised its position in Atkore International Group by 112.7% in the first quarter. Vanguard Group Inc. now owns 3,132,348 shares of the company’s stock worth $82,318,000 after buying an additional 1,659,926 shares during the last quarter. Levin Capital Strategies L.P. raised its position in Atkore International Group by 85.0% in the first quarter. Levin Capital Strategies L.P. now owns 3,546,180 shares of the company’s stock worth $93,194,000 after buying an additional 1,629,402 shares during the last quarter. FMR LLC purchased a new position in Atkore International Group during the first quarter worth about $33,941,000. Macquarie Group Ltd. purchased a new position in Atkore International Group during the second quarter worth about $23,777,000. Finally, Lazard Asset Management LLC raised its position in Atkore International Group by 44.6% in the second quarter. Lazard Asset Management LLC now owns 2,047,049 shares of the company’s stock worth $46,160,000 after buying an additional 631,873 shares during the last quarter.

About Atkore International Group

Atkore International Group Inc is a manufacturer of electrical raceway products. The Company’s products are primarily offered for non-residential construction and renovation markets, and mechanical products and solutions (MP&S) for the construction and industrial markets. The Company operates in two segments: Electrical Raceway and MP&S.