First Hawaiian Bank Acquires New Position in Atkore Inc. $ATKR

Key Points

• First Hawaiian Bank has purchased 9,533 shares of Atkore Inc. (NYSE: ATKR), valued at approximately $572,000, indicating growing institutional interest in the stock.
• Multiple investors have significantly increased their holdings in Atkore, with Harbor Capital Advisors raising its position by 97% in the first quarter.
• Atkore has recently announced a quarterly dividend of $0.33 per share, resulting in an annualized yield of 2.2%.

First Hawaiian Bank acquired a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,533 shares of the company's stock, valued at approximately $572,000.

Several other hedge funds have also modified their holdings of the company. Gates Capital Management Inc. raised its holdings 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 worth $195,871,000 after acquiring an additional 657,707 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Atkore by 7.2% during the 1st quarter. American Century Companies Inc. now owns 840,505 shares of the company's stock worth $50,422,000 after acquiring an additional 56,692 shares in the last quarter. Wellington Management Group LLP raised its holdings in Atkore by 24.1% during the 1st quarter. Wellington Management Group LLP now owns 753,107 shares of the company's stock valued at $45,179,000 after buying an additional 146,066 shares during the period. Victory Capital Management Inc. lifted its position in Atkore by 33.4% in the first quarter. Victory Capital Management Inc. now owns 628,300 shares of the company's stock worth $37,692,000 after buying an additional 157,470 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in Atkore by 8.4% during the first quarter. Royce & Associates LP now owns 447,425 shares of the company's stock worth $26,841,000 after buying an additional 34,673 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have commented on ATKR shares. Citigroup reaffirmed a "neutral" rating and set a $80.00 price objective (up from $70.00) on shares of Atkore in a research note on Monday, June 9th. KeyCorp reaffirmed a "sector weight" rating on shares of Atkore in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $79.57.

Atkore Stock Down 0.5%

Shares of ATKR stock traded down $0.32 during trading hours on Friday, reaching $60.25. 1,345,781 shares of the company's stock were exchanged, compared to its average volume of 518,024. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $105.28. The company has a current ratio of 3.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.52. The stock has a market cap of $2.03 billion, a PE ratio of 19.31 and a beta of 2.16. The stock's fifty day moving average price is $64.09 and its two-hundred day moving average price is $64.90.

Atkore Announces Dividend

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

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly 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 document filed with the SEC, which is available through this hyperlink. 1.99% of the stock is owned by insiders.

Atkore Profile

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.