Bank of America Corp DE Purchases Shares of 438,802 Atkore Inc. $ATKR

Key Points

• Bank of America initiated a position in Atkore, purchasing 438,802 shares valued at approximately $33.4 million, or about 1.3% of the company. Several other institutional investors also acquired new stakes during the second quarter.
• Analyst sentiment remains mixed, with Atkore carrying a consensus rating of “Hold” and an average price target of $143.33. Recent ratings included upgrades, downgrades, and a $76 price target from Royal Bank of Canada.
• Atkore exceeded quarterly expectations, reporting adjusted earnings of $1.92 per share versus the $1.53 consensus and revenue of $794.8 million versus $756.2 million expected. The company also maintains a quarterly dividend of $0.33 per share, yielding approximately 1.4%.

Bank of America Corp DE purchased a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 438,802 shares of the company's stock, valued at approximately $33,367,000. Bank of America Corp DE owned about 1.30% of Atkore as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ATKR. Caisse de depot et placement du Quebec acquired a new stake in shares of Atkore in the 2nd quarter valued at approximately $4,830,000. Man Group plc acquired a new position in Atkore during the second quarter worth $7,496,000. Jupiter Topco LLC acquired a new position in Atkore during the second quarter worth $1,785,000. Hsbc Holdings PLC bought a new stake in Atkore during the second quarter worth $2,254,000. Finally, PDT Partners LLC bought a new stake in Atkore during the second quarter worth $14,543,000.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Royal Bank Of Canada set a $76.00 price target on Atkore in a report on Thursday, July 16th. Weiss Ratings upgraded Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. Roth Capital cut Atkore from a "buy" rating to a "neutral" rating and raised their price objective for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Atkore has a consensus rating of "Hold" and a consensus target price of $143.33.

Atkore Price Performance

Atkore stock opened at $94.50 on Wednesday. Atkore Inc. has a 12 month low of $53.75 and a 12 month high of $94.65. The stock's 50 day moving average is $88.65 and its 200-day moving average is $77.52. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -19.65 and a beta of 1.68.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.92 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $756.23 million. During the same period in the prior year, the firm posted $2.17 EPS. Equities research analysts expect that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 18th. Atkore's dividend payout ratio is presently -27.44%.

Insider Activity at Atkore

In other news, insider Mark Lamps sold 300 shares of the firm'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 transaction, the insider directly owned 35,803 shares of the company's stock, valued at approximately $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company's stock.

About Atkore

Atkore Inc NYSE: ATKR manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company's products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.

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