Bank of New York Mellon Corp Purchases New Shares in Atkore Inc. $ATKR

Key Points

• Bank of New York Mellon acquired 247,645 shares of Atkore, valued at approximately $18.8 million, giving it a 0.73% stake. Several other investment firms also increased or initiated positions.
• Analyst sentiment remains mixed, with Atkore carrying a consensus “Hold” rating. Recent target prices ranged from $76 to $92, while the article lists a consensus target of $143.33.
• Atkore exceeded quarterly expectations with earnings of $1.92 per share versus the $1.53 consensus and revenue of $794.8 million. The company also declared a quarterly dividend of $0.33 per share, representing a 1.4% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Atkore Inc. (NYSE:ATKR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 247,645 shares of the company's stock, valued at approximately $18,831,000. Bank of New York Mellon Corp owned approximately 0.73% of Atkore as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ATKR. Kestra Investment Management LLC raised its position 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 buying an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company's stock valued at $32,000 after acquiring an additional 480 shares during the last quarter. Strs Ohio purchased a new stake in shares of Atkore in the first quarter valued at about $36,000. Jones Financial Companies Lllp grew its holdings in shares of Atkore by 61.8% in the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company's stock valued at $39,000 after purchasing an additional 246 shares during the period. Finally, State of Wyoming acquired a new stake in Atkore during the second quarter worth about $56,000.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Roth Capital downgraded shares of Atkore from a "buy" rating to a "neutral" rating and raised their price target for the stock from $85.00 to $92.00 in a report on Tuesday, August 4th. Weiss Ratings upgraded Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. Citigroup raised their target price on Atkore from $74.00 to $86.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada set a $76.00 target price on Atkore in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $143.33.

Insider Activity

In other news, insider Mark F. Lamps sold 300 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the completion of the sale, the insider directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company's stock.

Atkore Trading Up 0.1%

NYSE:ATKR opened at $93.71 on Tuesday. Atkore Inc. has a 12-month low of $53.75 and a 12-month high of $94.14. The firm has a market cap of $3.16 billion, a PE ratio of -19.48 and a beta of 1.68. 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 stock has a fifty day moving average price of $81.98 and a 200 day moving average price of $74.31.

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 the consensus estimate of $1.53 by $0.39. The company had revenue of $794.80 million during the quarter, compared to analysts' expectations of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same quarter in the previous year, the business posted $2.17 EPS. Sell-side analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

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

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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