Empowered Funds LLC Invests $15.51 Million in Atkore Inc. $ATKR

Key Points

• Empowered Funds LLC acquired 204,012 Atkore shares worth approximately $15.51 million, representing 0.60% of the company. Several other institutional investors also initiated or increased positions.
• Atkore reported quarterly EPS of $1.92, beating estimates of $1.53, while revenue of $794.8 million exceeded the $756.2 million consensus forecast. Shares opened at $93.67, near their 12-month high of $94.14.
• The company paid a quarterly dividend of $0.33, implying a $1.32 annualized payout and a 1.4% yield. Analyst sentiment remains mixed, with an overall “Hold” rating despite some upgrades and a higher consensus price target.

Empowered Funds LLC acquired a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 204,012 shares of the company's stock, valued at approximately $15,513,000. Empowered Funds LLC owned 0.60% of Atkore at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oslo Pensjonsforsikring AS purchased a new stake in shares of Atkore in the first quarter worth $22,209,000. Irenic Capital Management LP bought a new position in Atkore during the fourth quarter valued at approximately $884,000. Hsbc Holdings PLC bought a new stake in shares of Atkore in the first quarter worth $1,092,000. LSV Asset Management lifted its stake in shares of Atkore by 5.8% in the 4th quarter. LSV Asset Management now owns 960,450 shares of the company's stock worth $60,748,000 after purchasing an additional 52,850 shares during the period. Finally, Old West Investment Management LLC purchased a new position in shares of Atkore during the 2nd quarter worth $1,729,000.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 300 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider directly owned 35,803 shares of the company's stock, valued at approximately $3,356,531.25. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by company insiders.

Atkore Stock Performance

Shares of ATKR opened at $93.67 on Friday. The stock has a fifty day moving average price of $81.75 and a 200-day moving average price of $74.07. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. 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 -19.47 and a beta of 1.68.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.39. The company had revenue of $794.80 million for the quarter, compared to the consensus estimate 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 firm earned $2.17 EPS. Equities research analysts predict that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

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

Wall Street Analyst Weigh In

ATKR has been the subject of a number of analyst reports. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Citigroup upped their price objective on Atkore from $74.00 to $86.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Weiss Ratings raised shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 price target on Atkore in a research report on Thursday, July 16th. Finally, Roth Capital lowered Atkore from a "buy" rating to a "neutral" rating and boosted their target price for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. One equities research 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. Based on data from MarketBeat.com, Atkore presently has an average rating of "Hold" and a consensus price target of $143.33.

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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