Atkore International Group Inc. [ATKR] Stock Gets an Upgrade from Credit Suisse. It’s Now an Outperform

Credit Suisse took its Atkore International Group Inc. [NYSE:ATKR]‎‎ rating to the equivalent of ‎Outperform from Neutral, ‎and the price target to $54, ‎in a research note dated January 4, 2021. That ‎figure represents around a 31.35% premium ‎from ‎where the company’s shares closed on Thursday.‎ ‎Other analysts also revised their coverage, with RBC Capital Mkts’s analysts ‎upgrading the shares from ‎‎”a Sector perform” rating to “an Outperform” rating in a research note to ‎investors issued in late ‎November. Meanwhile, RBC Capital Mkts had lowered its rating on ATKR to ‎‎”Sector perform” from the ‎earlier “an Outperform”, in a research note produced for clients March 26, ‎‎2020. In addition, there was ‎a downgrade from Citigroup on September 07, 2018. The rater changed ‎ATKR from “a Buy” to “a ‎Neutral”.

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Is Atkore International Group Inc. ‎‎[NYSE:ATKR] a Good Buy Right Now?

It should be noted ‎that ATKR technical indicators for short, ‎intermediate as well as long term progress have placed an ‎overall average of 88% as Buy. The average ‎signal changed from 88% Buy in the last week and ‎compares with 56% Buy in the past month. Data ‎from Atkore International Group Inc.’s Trend Spotter ‎indicated that the signals were Weakening. The ‎stock current average is 0.44 million shares in the past ‎‎20 days and the short term average signal ‎indicates a 50% Buy. In the last 50 days, the average trading ‎volume was 0.51 million shares while the ‎medium term average advocated for 100% Buy. The average ‎long-term signal stands at 100% Buy and ‎the 100-day average volume stands at 0.42 million shares.‎‎

ATKR Price Performance

On Wall ‎Street, Atkore International Group Inc. [NYSE:ATKR] ‎finished Thursday’s session down -0.22% at ‎‎$41.11. The stock went up to $41.67 at the same session ‎while its lowest single day price was $40.40. In ‎the last five days, it saw a rise of about 1.68%, Atkore ‎International Group Inc. shares gained by almost ‎‎1.61% since the beginning of the year. However, the ‎share price has dropped to as low as -8.62% ‎below its one year high. On 12/16/20, the company shares ‎recorded $44.99, the highest single-day ‎price it has got to in the last 52-weeks and a 52-week low was ‎seen on 03/19/20, the same year at ‎‎$10.85. The company’s shares have inclined by 1.98% in the past ‎year. The 50-day SMA achieved is ‎‎$33.72 while the 200-day SMA is $27.43. Volume gained to 0.21 ‎million from 0.16 million in the previous ‎session.‎‎

Atkore International Group Inc. [ATKR] Valuation Measures

Notably, Atkore ‎International ‎Group Inc. [ATKR] stock can be classified as a good candidate in the listing of ‎underestimated low-‎priced Specialty Industrial Machinery companies to purchase soonest possible ‎with the prevailing 12-‎month PE ratio of 13.23. The measure means the stock is exchanging at a ‎discount as compared to the ‎‎25.81x trailing earnings of the industry. It can be helpful for investors to ‎consider historical price-sales ‎ratio, more specifically, a 1.11 PS value ratio is reported for the last one ‎year of reported earnings. That ‎is lower than the industry average of 1.35 which means ATKR serve an ‎attractive investment ‎opportunity compared to its competitors.‎‎

ATKR Stock Support And ‎Resistance Levels

On the 24-hour scale, the immediate backing is ‎perceived around 40.45 level, ‎and in case of violation of this particular level, it will cause more drop to ‎‎39.79 level. On the upper level, ‎‎42.33 is still the key resistance. The stock may increase to the ‎subsequent resistance at 41.72. The ‎Relative Strength Index (RSI) pinned on the 14-day chart is 59.15, ‎implying a neutral technical stance ‎while the MACD stands at -1.11, meaning price will decrease in the ‎next trading period. Percent R ‎indicator moved to 72.66%, implying bearish price movement. ‎Stochastic %K at 21.60% suggest selling ‎the stock.‎‎

What is the short interest in Atkore International Group Inc.?

Short interest in the ‎Atkore ‎International Group Inc. stock has surged, increasing by 0.2 million shares to total 0.71 million ‎shares on ‎Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 0.91 million, data from ‎Yahoo ‎Finance shows. The decrease of -27.69% suggests the stock saw some decreased bullish ‎sentiment. ‎The stock’s days to cover (short ratio) moved to while the shorted shares account for just ‎‎1.70% of the ‎overall float for the stock.‎‎

Atkore International Group Inc.’s Biggest Shareholders: ‎Who Owns Atkore International Group ‎Inc. [ATKR]?

Filings by The Vanguard Group, Inc. showed ‎that the firm now holds a total of ‎‎4,864,334 shares or roughly 10.26% of the outstanding ATKR shares. ‎This means their shares have ‎reduced by -239,431 from the 4,864,334 the investor reportedly held in ‎its prior 13-F filing. With the ‎conclusion of the sale, Fidelity Management & Research Co updated stake ‎is worth $146,257,521. ‎Details in the latest 13F filings reveal that BlackRock Fund Advisors disposed off ‎their -3.24% stake ‎valued at $119,470,192 while Wells Capital Management, Inc. added theirs at ‎‎$100,740,458. During the ‎last quarter, BlackRock Fund Advisors liquidated -102,519 of its shares in ‎Atkore International Group ‎Inc. while Wells Capital Management, Inc. bought 199,446 shares. The LSV ‎Asset Management’s ‎holdings currently number 2,190,104 shares at $90035175.44. According to the ‎firm’s last 13F report, ‎Macquarie Investment Management B shares in the company at filing stood at ‎‎2,124,971 shares, ‎roughly $82,831,370.‎‎

ATKR Earnings Forecast For The Current ‎Quarter

Atkore International Group Inc. [ATKR] is ‎expected to report strong earnings results for ‎the quarter ending on Dec 2020. Consensus estimates ‎give the company expected revenues of ‎‎$457.06M and an earnings per share of $1.21 for Dec 2020. ‎Looking further ahead, the company is ‎expected to report revenue of $470.95M at an EPS of $0.98 for ‎Mar 2021. ‎‎

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ATKR Earnings Estimates For The ‎Current ‎Year

For the financial year, Atkore International Group Inc. [NYSE:ATKR] is expected to ‎bring in ‎revenue of $1.85B. The returns are nearly $80.0 million higher than the company’s actual ‎revenue ‎recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 4.12, higher ‎than that of ‎FY20 by $0.34. Estimates put this year’s earnings growth at 9.00%, 7.30% for the next, and ‎at an annual ‎‎1.40% over the next 5-year period. As for sales, forecasts are for an increase of 4.80% in ‎the current ‎fiscal year and a further 3.90% over the following year.‎

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