Posted on April 12, 2021
Atkore Inc. (NYSE:ATKR) is one of those companies you never heard of, that actually produces things people need.
They manufacture and distribute just about everything connected with electricity, including the wires that carry it and the structures that protect it along the way. They refer to the scope of their business as “electrical raceway products”.
And a good business it is.
Can’t say the same for the stock price, though.
Let’s start with some fundamentals.
So why is the stock so heavily bid?
The charts below will illustrate just how heavy the bid was, but if you’re looking for a quick answer, we’d suggest the collective breakdown of common sense that’s infiltrated every aspect of modern life and has taken stock market enthusiasm to levels that defy all rational thought.
There’s no doubt the recent surge in building stocks added to the hype, but when all is said and done, current prices are no longer justifiable, regardless of what’s happening with the homebuilders.
With kind regards,
Hugh L. O’Haynew