Denali Advisors LLC Decreases Holdings in Atkore Inc. $ATKR

Key Points

• Denali Advisors cut its Atkore holdings by 22% in the second quarter, selling 12,100 shares and retaining 42,900 shares valued at approximately $3.26 million. Other institutions, including UBS Asset Management and Intech, increased their positions.
• Analyst sentiment remains mixed, with Atkore carrying an overall “Hold” rating. Recent price targets ranged from $76 to $92, while ratings included Strong Buy, Hold, and Sell recommendations.
• Atkore reported quarterly EPS of $1.92, exceeding expectations of $1.53, while revenue reached $794.8 million. The company also declared a quarterly dividend of $0.33 per share, representing a 1.4% annualized yield.

Denali Advisors LLC reduced its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 22.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,900 shares of the company's stock after selling 12,100 shares during the quarter. Denali Advisors LLC owned approximately 0.13% of Atkore worth $3,262,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp boosted its holdings in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Atkore by 15.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 116,830 shares of the company's stock worth $7,009,000 after purchasing an additional 16,028 shares in the last quarter. Intech Investment Management LLC raised its holdings in Atkore by 59.7% during the first quarter. Intech Investment Management LLC now owns 29,363 shares of the company's stock worth $1,761,000 after purchasing an additional 10,972 shares in the last quarter. Strs Ohio purchased a new stake in shares of Atkore during the 1st quarter worth approximately $36,000. Finally, Norges Bank purchased a new stake in shares of Atkore during the 2nd quarter worth approximately $467,000.

Analysts Set New Price Targets

A number of research firms recently commented on ATKR. Weiss Ratings raised shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Citigroup boosted their price target on shares of Atkore from $74.00 to $86.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Royal Bank Of Canada set a $76.00 price objective on Atkore in a report on Thursday, July 16th. Finally, Roth Capital cut Atkore from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. One investment 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's stock. According to data from MarketBeat, Atkore currently has an average rating of "Hold" and an average target price of $143.33.

Insider Buying and Selling

In other news, insider Mark F. Lamps sold 300 shares of the company's stock in a transaction dated Monday, August 10th. The shares were 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. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Atkore Price Performance

ATKR stock opened at $93.49 on Thursday. 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 $3.16 billion, a P/E ratio of -19.44 and a beta of 1.68. The business has a 50 day simple moving average of $79.74 and a 200-day simple moving average of $72.88. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14.

Atkore (NYSE:ATKR - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $1.92 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 business had revenue of $794.80 million for the quarter, compared to analysts' expectations of $756.23 million. During the same period in the previous year, the company posted $2.17 EPS. As a group, equities analysts anticipate that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th will be paid a $0.33 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. Atkore's payout ratio is currently -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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