BlackRock Inc. Takes Position in Atkore Inc. $ATKR

Key Points

• BlackRock acquired 3.12 million Atkore shares worth approximately $237 million, giving it a 9.23% stake in the company. Several other institutional investors also initiated positions during the second quarter.
• Atkore reported quarterly EPS of $1.92, beating the $1.53 analyst consensus, while revenue of $794.8 million exceeded expectations of $756.2 million. Shares opened at $93.67, near the company’s 12-month high.
• Analyst sentiment remains mixed, with a consensus “Hold” rating despite a $143.33 average price target. Atkore also declared a quarterly dividend of $0.33 per share, representing a 1.4% annualized yield.

BlackRock Inc. acquired a new stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,116,222 shares of the company's stock, valued at approximately $236,958,000. BlackRock Inc. owned about 9.23% of Atkore as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in Atkore in the 2nd quarter worth approximately $2,762,000. Old West Investment Management LLC bought a new stake in shares of Atkore during the 2nd quarter valued at $1,729,000. Global Retirement Partners LLC bought a new stake in Atkore during the 2nd quarter valued at approximately $28,000. Bank of New York Mellon Corp purchased a new position in Atkore in the 2nd quarter worth approximately $18,831,000. Finally, State of Wyoming purchased a new position in Atkore in the 2nd quarter worth approximately $56,000.

Analyst Upgrades and Downgrades

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

Insider Transactions at Atkore

In other news, insider Mark F. Lamps sold 300 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was 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 in the company, valued at $3,356,531.25. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.

Atkore Price Performance

Shares of NYSE ATKR opened at $93.67 on Friday. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68. Atkore Inc. has a 12 month low of $53.75 and a 12 month 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. The firm's 50 day simple moving average is $81.49 and its 200-day simple moving average is $73.93.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.53 by $0.39. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. The firm had revenue of $794.80 million for the quarter, compared to analysts' expectations of $756.23 million. During the same quarter last year, the company earned $2.17 EPS. 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 will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. Atkore's dividend payout ratio is presently -27.44%.

Atkore Profile

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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