Hsbc Holdings PLC Takes $1.09 Million Position in Atkore Inc. $ATKR

Key Points

• Hsbc Holdings PLC acquired 18,656 Atkore shares worth approximately $1.09 million in the first quarter, representing about 0.06% of the company.
• Several other institutional investors also built positions, including Coliseum Capital Management and Earnest Partners, while the New York State Common Retirement Fund increased its stake by 1,166.1%.
• Atkore’s latest quarterly results beat expectations, with EPS of $1.23 versus the $1.00 consensus and revenue up 4.2% year over year. The company also declared a $0.33 quarterly dividend, while analysts’ overall rating remained “Hold.”

Hsbc Holdings PLC acquired a new position in Atkore Inc. (NYSE:ATKR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,656 shares of the company's stock, valued at approximately $1,092,000. Hsbc Holdings PLC owned about 0.06% of Atkore as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Coliseum Capital Management LLC purchased a new stake in shares of Atkore during the fourth quarter valued at $51,189,000. Earnest Partners LLC purchased a new stake in shares of Atkore during the 4th quarter valued at about $49,571,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Atkore in the third quarter worth approximately $21,214,000. New York State Common Retirement Fund raised its holdings in shares of Atkore by 1,166.1% during the fourth quarter. New York State Common Retirement Fund now owns 345,828 shares of the company's stock valued at $21,874,000 after purchasing an additional 318,514 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in Atkore during the fourth quarter valued at approximately $18,785,000.

Insider Buying and Selling

In other Atkore news, Director Justin A. Kershaw sold 2,799 shares of Atkore stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $73.67, for a total transaction of $206,202.33. Following the transaction, the director owned 18,610 shares of the company's stock, valued at $1,370,998.70. The trade was a 13.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wilbert W. James, Jr. sold 3,299 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $73.61, for a total transaction of $242,839.39. Following the completion of the transaction, the director owned 17,063 shares of the company's stock, valued at approximately $1,256,007.43. The trade was a 16.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.10% of the stock is currently owned by company insiders.

Atkore Price Performance

NYSE ATKR opened at $77.36 on Wednesday. The company has a market capitalization of $2.61 billion, a PE ratio of -21.61 and a beta of 1.68. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.02 and a current ratio of 2.64. The business's fifty day moving average is $77.23 and its 200 day moving average is $70.72. Atkore Inc. has a fifty-two week low of $53.49 and a fifty-two week high of $90.16.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.23. Atkore had a positive return on equity of 9.22% and a negative net margin of 4.19%.The business had revenue of $731.38 million during the quarter, compared to analysts' expectations of $714.18 million. During the same quarter in the prior year, the business posted $2.04 earnings per share. The business's quarterly revenue was up 4.2% on a year-over-year basis. Atkore has set its FY 2026 guidance at 5.050-5.550 EPS. Sell-side analysts predict that Atkore Inc. will post 4.75 earnings per share for the current year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 19th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Atkore's dividend payout ratio is currently -36.87%.

Analysts Set New Price Targets

ATKR has been the subject of a number of research reports. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. Weiss Ratings reissued a "sell (d)" rating on shares of Atkore in a report on Friday, May 1st. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Citigroup boosted their price target on Atkore from $74.00 to $86.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $138.33.

Atkore Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.