Canada Pension Plan Investment Board Purchases Shares of 102,900 Atkore Inc. $ATKR

Key Points

• Canada Pension Plan Investment Board acquired 102,900 Atkore shares worth approximately $7.8 million, representing about 0.30% of the company. Other institutional investors also initiated or increased positions.
• Atkore beat quarterly expectations, reporting $1.92 in adjusted EPS versus the $1.53 consensus and revenue of $794.8 million versus estimates of $756.2 million.
• The stock opened at $93.67, near its 52-week high, while analysts maintained a consensus “Hold” rating. Atkore also paid a quarterly dividend of $0.33 per share, for a 1.4% annualized yield.

Canada Pension Plan Investment Board purchased a new stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 102,900 shares of the company's stock, valued at approximately $7,825,000. Canada Pension Plan Investment Board owned about 0.30% of Atkore at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Global Retirement Partners LLC acquired a new stake in Atkore in the 2nd quarter valued at approximately $28,000. Kestra Investment Management LLC raised its stake in Atkore by 710.9% during the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company's stock valued at $31,000 after acquiring an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company's stock worth $32,000 after acquiring an additional 480 shares during the period. Strs Ohio acquired a new position in Atkore during the 1st quarter worth $36,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Atkore by 61.8% in the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company's stock worth $39,000 after purchasing an additional 246 shares in the last quarter.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 300 shares of Atkore stock in a transaction dated 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 of the company's stock, valued at $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by corporate insiders.

Atkore Stock Performance

ATKR opened at $93.67 on Friday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68. 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 Inc. has a 1-year low of $53.75 and a 1-year high of $94.14. The business has a 50 day moving average price of $81.75 and a two-hundred day moving average price of $74.07.

Atkore (NYSE:ATKR - Get Free Report) last issued 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 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 posted $2.17 EPS. Research analysts predict that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a yield of 1.4%. Atkore's dividend payout ratio (DPR) is currently -27.44%.

Analyst Upgrades and Downgrades

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