Atkore Inc. (NYSE:ATKR) Shares Purchased by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Atkore Inc. by 24.4% in the first quarter, owning a total of 16,800 shares valued at approximately $1,008,000.
• Wall Street analysts have raised their target prices for Atkore, with a consensus average target of $79.57, and ratings indicate a moderate buy sentiment.
• Atkore reported $2.04 EPS for the last quarter, exceeding expectations and noted a quarterly dividend increase to $0.33 per share, reflecting a healthy payout ratio of 25.38%.

KLP Kapitalforvaltning AS grew its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,800 shares of the company's stock after acquiring an additional 3,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Atkore were worth $1,008,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of ATKR. Harbor Capital Advisors Inc. lifted its position in Atkore by 97.0% in the 1st quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after purchasing an additional 259 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Atkore by 1,514.7% in the first quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $33,000 after purchasing an additional 515 shares during the period. Versant Capital Management Inc raised its holdings in shares of Atkore by 358.9% during the first quarter. Versant Capital Management Inc now owns 693 shares of the company's stock valued at $42,000 after buying an additional 542 shares during the last quarter. Signaturefd LLC boosted its position in shares of Atkore by 384.0% during the first quarter. Signaturefd LLC now owns 905 shares of the company's stock worth $54,000 after buying an additional 718 shares during the period. Finally, KBC Group NV boosted its position in shares of Atkore by 29.5% during the first quarter. KBC Group NV now owns 1,881 shares of the company's stock worth $113,000 after buying an additional 429 shares during the period.

Wall Street Analyst Weigh In

ATKR has been the topic of several analyst reports. Royal Bank Of Canada raised their target price on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. KeyCorp raised their price target on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Roth Capital set a $78.00 target price on shares of Atkore and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Citigroup restated a "neutral" rating and set a $80.00 price target (up from $70.00) on shares of Atkore in a research report on Monday, June 9th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $79.57.

Atkore Trading Down 1.3%

Shares of Atkore stock opened at $78.60 on Tuesday. The business has a fifty day simple moving average of $70.63 and a 200-day simple moving average of $68.31. Atkore Inc. has a fifty-two week low of $49.92 and a fifty-two week high of $139.86. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 15.12 and a beta of 2.05. The company has a quick ratio of 1.98, a current ratio of 3.02 and a debt-to-equity ratio of 0.54.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.52 by $0.52. Atkore had a net margin of 6.48% and a return on equity of 20.81%. The firm had revenue of $701.73 million for the quarter, compared to analysts' expectations of $690.83 million. During the same period in the previous year, the business earned $4.08 earnings per share. Atkore's revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities analysts forecast that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Friday, May 16th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Atkore's previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 1.68%. Atkore's dividend payout ratio is currently 25.38%.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $69.16, for a total value of $69,160.00. Following the transaction, the insider owned 32,828 shares in the company, valued at approximately $2,270,384.48. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.99% of the company's stock.

Atkore Company 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.

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