Engineers Gate Manager LP Boosts Holdings in Atkore Inc. $ATKR

Key Points

• Engineers Gate Manager LP increased its Atkore stake by 723.5% in the second quarter, acquiring 50,141 additional shares and bringing its holdings to 57,071 shares valued at approximately $4.34 million.
• Atkore reported quarterly earnings of $1.92 per share, exceeding the $1.53 analyst consensus, while revenue of $794.8 million also surpassed expectations. The company declared a quarterly dividend of $0.33 per share, representing a 1.4% yield.
• Shares opened at $94.21, near their 52-week high, while analysts maintained an overall “Hold” rating; coverage included one Strong Buy, four Holds, and one Sell recommendation.

Engineers Gate Manager LP grew its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 723.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,071 shares of the company's stock after acquiring an additional 50,141 shares during the period. Engineers Gate Manager LP owned about 0.17% of Atkore worth $4,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Atkore Stock Performance

Shares of NYSE ATKR opened at $94.21 on Friday. The company's fifty day moving average price is $85.37 and its 200 day moving average price is $75.97. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.39. The company has a market capitalization of $3.18 billion, a PE ratio of -19.59 and a beta of 1.68. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.92 earnings per share 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 company had revenue of $794.80 million during the quarter, compared to analysts' expectations of $756.23 million. During the same quarter in the previous year, the company earned $2.17 earnings per share. On average, research analysts predict that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.33 per share. 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%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Royal Bank Of Canada set a $76.00 target price on Atkore in a research note on Thursday, July 16th. Roth Capital lowered Atkore from a "buy" rating to a "neutral" rating and boosted their price target for the stock 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 note on Wednesday, August 12th. Finally, Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a report on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $143.33.

Insider Activity

In other news, insider Mark Lamps sold 300 shares of the 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 owned 35,803 shares in the company, valued at $3,356,531.25. This trade represents a 0.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

About Atkore

Atkore Inc NYSE: ATKR manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company's products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.

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