Maverick Capital Ltd. Takes $862,000 Position in Atkore Inc. $ATKR

Key Points

• Maverick Capital Ltd. acquired 14,371 shares of Atkore Inc. for approximately $862,000, marking a new investment position in the company.
• Atkore recently declared a quarterly dividend of $0.33 per share, resulting in an annualized dividend of $1.32 and a yield of 2.3%.
• Analyst ratings for Atkore indicate a consensus of "Hold" with a target price of $79.57, while Citigroup recently raised its price target from $70.00 to $80.00.

Maverick Capital Ltd. acquired a new stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,371 shares of the company's stock, valued at approximately $862,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Gates Capital Management Inc. raised its position in shares of Atkore by 25.2% during the 1st quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company's stock valued at $195,871,000 after buying an additional 657,707 shares in the last quarter. Decade Renewable Partners LP raised its position in shares of Atkore by 42.0% during the 1st quarter. Decade Renewable Partners LP now owns 83,522 shares of the company's stock valued at $5,010,000 after buying an additional 24,722 shares in the last quarter. Orbis Allan Gray Ltd grew its holdings in shares of Atkore by 27.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 251,030 shares of the company's stock valued at $15,059,000 after purchasing an additional 54,100 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Atkore by 9.9% during the 1st quarter. Vident Advisory LLC now owns 16,881 shares of the company's stock valued at $1,013,000 after purchasing an additional 1,525 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of Atkore by 150.6% during the 1st quarter. State of Wyoming now owns 11,335 shares of the company's stock valued at $680,000 after purchasing an additional 6,812 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently commented on ATKR. KeyCorp reaffirmed a "sector weight" rating on shares of Atkore in a report on Wednesday, August 6th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Citigroup reaffirmed a "neutral" rating and set a $80.00 target price (up previously from $70.00) on shares of Atkore in a report on Monday, June 9th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $79.57.

Atkore Trading Up 1.7%

Atkore stock traded up $0.98 during trading hours on Friday, reaching $59.19. The stock had a trading volume of 552,903 shares, compared to its average volume of 556,590. The stock has a market cap of $1.99 billion, a PE ratio of 18.97 and a beta of 2.16. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $105.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.09 and a quick ratio of 2.08. The company has a fifty day simple moving average of $66.90 and a 200-day simple moving average of $65.08.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, August 19th. Atkore's dividend payout ratio (DPR) is 42.31%.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $59.37, for a total value of $59,370.00. Following the sale, the insider owned 31,873 shares of the company's stock, valued at $1,892,300.01. This trade represents a 3.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.99% of the stock is currently owned by company insiders.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.