Hsbc Holdings PLC Acquires 11,190 Shares of Atkore Inc. $ATKR

Key Points

• HSBC Holdings increased its Atkore stake by 60% in the second quarter, acquiring 11,190 additional shares and bringing its total holdings to 29,846 shares valued at approximately $2.25 million. Several other institutional investors also initiated or expanded positions.
• Atkore reported quarterly EPS of $1.92, exceeding the $1.53 consensus estimate, while revenue of $794.8 million also topped expectations. Analysts project full-year EPS of $5.15.
• ATKR opened at $94.21 near its 52-week high, and the company paid a quarterly dividend of $0.33 per share. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $143.33 target price.

Hsbc Holdings PLC grew its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 60.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,846 shares of the company's stock after purchasing an additional 11,190 shares during the period. Hsbc Holdings PLC owned approximately 0.09% of Atkore worth $2,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ATKR. Empowered Funds LLC purchased a new stake in shares of Atkore during the second quarter worth $15,513,000. Hill City Capital LP bought a new stake in shares of Atkore during the 2nd quarter valued at $55,061,020. Jefferies Financial Group Inc. bought a new stake in shares of Atkore during the 2nd quarter valued at $1,019,000. Public Employees Retirement System of Ohio purchased a new stake in Atkore during the 2nd quarter worth about $1,781,000. Finally, Bank of America Corp DE purchased a new stake in Atkore during the 2nd quarter worth about $33,367,000.

Atkore Stock Performance

NYSE ATKR opened at $94.21 on Friday. Atkore Inc. has a 52-week low of $53.75 and a 52-week high of $94.39. The company has a fifty day moving average of $85.37 and a 200-day moving average of $75.97. The company has a market capitalization of $3.18 billion, a P/E 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 issued its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.39. The firm had revenue of $794.80 million during the quarter, compared to analyst estimates 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 company posted $2.17 earnings per share. As a group, equities research analysts predict that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Dividend Announcement

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

Insider Activity at Atkore

In other Atkore news, insider Mark Lamps sold 300 shares of the business's stock in a transaction on 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 $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

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

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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