Comerica Bank Acquires 4,558 Shares of Atkore Inc. $ATKR

Key Points

• Comerica Bank increased its stake in Atkore Inc. by 28.0%, currently holding 20,859 shares valued at approximately $1.25 million.
• Atkore recently announced a quarterly dividend of $0.33, translating to an annual yield of 2.3% with a payout ratio of 42.31%.
• Wall Street analysts show mixed sentiment, with a consensus rating of "Hold" and a target price of $79.57 for Atkore's stock.

Comerica Bank boosted its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 28.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,859 shares of the company's stock after buying an additional 4,558 shares during the period. Comerica Bank owned approximately 0.06% of Atkore worth $1,251,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Quantitative Investment Management LLC acquired a new position in Atkore in the first quarter valued at approximately $614,000. Hotchkis & Wiley Capital Management LLC bought a new stake in Atkore in the first quarter valued at approximately $8,279,000. Wellington Management Group LLP increased its stake in Atkore by 24.1% in the first quarter. Wellington Management Group LLP now owns 753,107 shares of the company's stock valued at $45,179,000 after purchasing an additional 146,066 shares in the last quarter. Round Hill Asset Management increased its stake in Atkore by 17.7% in the first quarter. Round Hill Asset Management now owns 9,271 shares of the company's stock valued at $556,000 after purchasing an additional 1,395 shares in the last quarter. Finally, CacheTech Inc. increased its stake in Atkore by 44.4% in the first quarter. CacheTech Inc. now owns 43,765 shares of the company's stock valued at $2,625,000 after purchasing an additional 13,463 shares in the last quarter.

Atkore Stock Up 4.1%

Shares of ATKR stock traded up $2.41 during trading hours on Wednesday, hitting $60.65. 677,530 shares of the company were exchanged, compared to its average volume of 509,282. The business has a 50 day moving average of $66.06 and a two-hundred day moving average of $64.94. The company has a current ratio of 3.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.52. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $105.28. The company has a market capitalization of $2.04 billion, a PE ratio of 19.44 and a beta of 2.16.

Atkore Announces Dividend

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

Insider Activity

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

Analyst Ratings Changes

Several brokerages have commented on ATKR. Citigroup reaffirmed a "neutral" rating and issued a $80.00 target price (up previously 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's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $79.57.

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.