Bank of America Corp DE Has $27.23 Million Stock Holdings in Atkore Inc. $ATKR

Key Points

• Bank of America increased its Atkore holdings by 10.1% in the first quarter, owning 462,278 shares valued at approximately $27.23 million, or 1.37% of the company.
• Atkore reported quarterly EPS of $1.92, exceeding estimates of $1.53, while revenue of $794.8 million also topped expectations. The company declared a quarterly dividend of $0.33, equivalent to a 1.4% annual yield.
• ATKR shares opened at $93.81, near their 52-week high, while analyst sentiment remained broadly “Hold.” An insider also sold 300 shares at an average price of $93.75.

Bank of America Corp DE raised its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 10.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 462,278 shares of the company's stock after buying an additional 42,593 shares during the period. Bank of America Corp DE owned about 1.37% of Atkore worth $27,233,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Kestra Investment Management LLC lifted its holdings in shares of Atkore by 710.9% in the second quarter. Kestra Investment Management LLC now owns 446 shares of the company's stock valued at $31,000 after purchasing an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Atkore by 1,263.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company's stock valued at $32,000 after buying an additional 480 shares during the last quarter. Strs Ohio bought a new position in Atkore during the 1st quarter valued at $36,000. Jones Financial Companies Lllp boosted its holdings in Atkore by 61.8% during the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company's stock worth $39,000 after acquiring an additional 246 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of Atkore in the 4th quarter worth $77,000.

Atkore Trading Up 0.0%

Shares of ATKR stock opened at $93.81 on Monday. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -19.50 and a beta of 1.68. The company's fifty day simple moving average is $78.87 and its two-hundred day simple moving average is $72.37. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, topping analysts' consensus estimates of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.The firm had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. During the same period last year, the company earned $2.17 earnings per share. As a group, analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Atkore's dividend payout ratio is presently -27.44%.

Insider Activity

In related news, insider Mark F. Lamps sold 300 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider owned 35,803 shares of the company's stock, valued at approximately $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ATKR. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. Royal Bank Of Canada set a $76.00 price objective on shares of Atkore in a research report on Thursday, July 16th. Roth Capital lowered Atkore from a "buy" rating to a "neutral" rating and raised their target price for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Citigroup raised their price target on shares of Atkore from $74.00 to $86.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Atkore from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $143.33.

About Atkore

Atkore International Group Inc NYSE: ATKR is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company's electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.

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