Fairtree Asset Management Pty Ltd Invests $639,000 in Atkore Inc. (NYSE:ATKR)

Fairtree Asset Management Pty Ltd acquired a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,654 shares of the company's stock, valued at approximately $639,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in Atkore by 87.7% during the fourth quarter. Jones Financial Companies Lllp now owns 398 shares of the company's stock valued at $33,000 after buying an additional 186 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Atkore by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock valued at $70,000 after purchasing an additional 195 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Atkore by 3,333.3% in the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company's stock valued at $86,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV grew its position in shares of Atkore by 47.7% in the fourth quarter. KBC Group NV now owns 1,452 shares of the company's stock valued at $121,000 after purchasing an additional 469 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Atkore by 88.5% in the fourth quarter. Covestor Ltd now owns 1,889 shares of the company's stock valued at $157,000 after purchasing an additional 887 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ATKR shares. KeyCorp raised their price target on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Roth Capital set a $78.00 price target on Atkore and gave the company a "buy" rating in a research report on Wednesday, May 7th. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Citigroup lowered their price target on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Loop Capital downgraded Atkore from a "buy" rating to a "hold" rating and lowered their price target for the company from $115.00 to $65.00 in a research report on Monday, February 10th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.57.

Atkore Stock Performance

ATKR stock traded down $1.13 during trading on Friday, reaching $65.08. 279,595 shares of the stock were exchanged, compared to its average volume of 678,255. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $153.32. The company has a market capitalization of $2.19 billion, a P/E ratio of 6.30 and a beta of 2.10. The stock has a 50 day simple moving average of $62.75 and a 200-day simple moving average of $73.17. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.52. The company had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The company's quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $4.08 earnings per share. As a group, sell-side analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.03%. This is an increase from Atkore's previous quarterly dividend of $0.32. The ex-dividend date was Friday, May 16th. Atkore's payout ratio is presently 25.38%.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $69.16, for a total value of $69,160.00. Following the transaction, the insider now directly owns 32,828 shares of the company's stock, valued at $2,270,384.48. The trade was a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.99% of the company's stock.

Atkore Profile

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.