HighTower Advisors LLC Decreases Holdings in Atkore Inc. $ATKR

Key Points

• HighTower Advisors reduced its Atkore stake by 60% in the second quarter, selling 13,353 shares and retaining 8,903 shares worth approximately $677,000.
• Other institutional investors increased exposure significantly, including BlackRock’s new $237 million position and Irenic Capital Management’s 3,532% stake increase.
• Atkore exceeded quarterly earnings expectations, reporting $1.92 in EPS versus $1.53 expected and $794.8 million in revenue versus $756.2 million forecast. The stock opened at $94.55, near its 52-week high, while analysts maintained a consensus “Hold” rating.

HighTower Advisors LLC reduced its position in Atkore Inc. (NYSE:ATKR - Free Report) by 60.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,903 shares of the company's stock after selling 13,353 shares during the quarter. HighTower Advisors LLC's holdings in Atkore were worth $677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ATKR. BlackRock Inc. purchased a new stake in shares of Atkore during the 2nd quarter valued at $236,958,000. Hill City Capital LP purchased a new position in Atkore during the 2nd quarter worth $55,061,000. Irenic Capital Management LP grew its stake in Atkore by 3,531.8% during the 2nd quarter. Irenic Capital Management LP now owns 507,613 shares of the company's stock worth $38,599,000 after buying an additional 493,636 shares during the last quarter. Bank of America Corp DE acquired a new position in Atkore during the 2nd quarter valued at about $33,367,000. Finally, Oslo Pensjonsforsikring AS purchased a new stake in Atkore in the first quarter valued at about $22,209,000.

Atkore Price Performance

NYSE ATKR opened at $94.55 on Wednesday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of -19.66 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. The stock's fifty day moving average price is $86.35 and its 200 day moving average price is $76.45. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.63.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.39. The business had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same quarter in the previous year, the business earned $2.17 EPS. As a group, equities research analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

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

Insider Transactions at Atkore

In other Atkore news, insider Mark 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. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ATKR shares. Roth Capital downgraded Atkore from a "buy" rating to a "neutral" rating and raised their price target for the stock from $85.00 to $92.00 in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. Finally, Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $143.33.

Atkore Company Profile

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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