CacheTech Inc. Buys 13,463 Shares of Atkore Inc. $ATKR

Key Points

• CacheTech Inc. has increased its holdings in Atkore Inc. by 44.4%, acquiring an additional 13,463 shares, bringing its total to 43,765 shares valued at approximately $2.63 million.
• Multiple large investors, including Wells Fargo and Canada Pension Plan Investment Board, have significantly raised their stakes in Atkore, indicating heightened interest in the company.
• Research firms have recently improved their ratings for Atkore, with five analysts giving a "hold" rating and three a "buy," alongside an average target price of $79.57 for the stock.

CacheTech Inc. boosted its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 44.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,765 shares of the company's stock after acquiring an additional 13,463 shares during the quarter. CacheTech Inc. owned about 0.13% of Atkore worth $2,625,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Van Den Berg Management I Inc. raised its stake in shares of Atkore by 0.4% in the 4th quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company's stock valued at $3,425,000 after acquiring an additional 158 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Atkore by 0.8% during the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock valued at $1,782,000 after buying an additional 171 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Atkore by 3.0% in the 1st quarter. SummerHaven Investment Management LLC now owns 6,039 shares of the company's stock worth $362,000 after acquiring an additional 177 shares during the period. Harbor Capital Advisors Inc. increased its holdings 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 buying an additional 259 shares during the period. Finally, EP Wealth Advisors LLC raised its position in Atkore by 3.9% in the fourth quarter. EP Wealth Advisors LLC now owns 7,364 shares of the company's stock worth $615,000 after purchasing an additional 276 shares in the last quarter.

Atkore Price Performance

NYSE:ATKR traded down $1.1080 during trading hours on Wednesday, hitting $56.6820. The company's stock had a trading volume of 309,519 shares, compared to its average volume of 604,996. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $105.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.09 and a quick ratio of 2.08. The stock has a fifty day simple moving average of $69.42 and a 200-day simple moving average of $66.10. The company has a market capitalization of $1.91 billion, a P/E ratio of 18.17 and a beta of 2.10.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be given a $0.33 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $1.32 dividend on an annualized basis and a yield of 2.3%. Atkore's dividend payout ratio (DPR) is currently 42.31%.

Analyst Ratings Changes

Several equities analysts recently commented on ATKR shares. Roth Capital set a $78.00 target price on Atkore and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Citigroup reiterated a "neutral" rating and set a $80.00 price objective (up from $70.00) on shares of Atkore in a research note on Monday, June 9th. Royal Bank Of Canada lifted their price objective on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, KeyCorp reissued a "sector weight" rating on shares of Atkore in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $79.57.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $59.37, for a total transaction of $59,370.00. Following the completion of the transaction, the insider directly owned 31,873 shares of the company's stock, valued at $1,892,300.01. This trade represents a 3.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.99% of the company's stock.

About Atkore

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.