Irenic Capital Management LP Purchases 493,636 Shares of Atkore Inc. $ATKR

Key Points

• Irenic Capital Management increased its Atkore position by 3,531.8% in the second quarter, buying 493,636 shares to hold 507,613 shares worth approximately $38.6 million, or 1.5% of the company.
• Atkore reported quarterly earnings of $1.92 per share, beating estimates of $1.53, while revenue of $794.8 million also exceeded expectations. Analysts expect full-year earnings of $5.15 per share.
• Atkore shares opened at $93.77, near their 52-week high, and the company declared a quarterly dividend of $0.33 per share, equivalent to a 1.4% annualized yield. Despite mixed analyst views, the stock carries an overall “Hold” rating.

Irenic Capital Management LP raised its position in Atkore Inc. (NYSE:ATKR - Free Report) by 3,531.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 507,613 shares of the company's stock after purchasing an additional 493,636 shares during the quarter. Atkore accounts for approximately 1.9% of Irenic Capital Management LP's holdings, making the stock its 14th biggest holding. Irenic Capital Management LP owned approximately 1.50% of Atkore worth $38,599,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Rose Capital Advisors LLC purchased a new position in shares of Atkore during the second quarter valued at approximately $1,126,000. Ewing Morris & Co. Investment Partners Ltd. purchased a new stake in shares of Atkore in the second quarter worth approximately $456,000. Nykredit A S bought a new stake in shares of Atkore during the 2nd quarter worth approximately $81,000. Two Sigma Securities LLC bought a new stake in shares of Atkore during the 2nd quarter worth approximately $389,000. Finally, Hsbc Holdings PLC boosted its holdings in Atkore by 60.0% during the 2nd quarter. Hsbc Holdings PLC now owns 29,846 shares of the company's stock valued at $2,254,000 after acquiring an additional 11,190 shares during the period.

Atkore Stock Up 0.1%

Shares of NYSE ATKR opened at $93.77 on Friday. Atkore Inc. has a 52-week low of $53.75 and a 52-week high of $94.14. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -19.49 and a beta of 1.68. The stock has a 50 day moving average price of $83.21 and a 200 day moving average price of $75.01. 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 EPS for the quarter, topping the consensus estimate of $1.53 by $0.39. The company 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 period last year, the business posted $2.17 EPS. Sell-side analysts expect that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. Atkore's dividend payout ratio is presently -27.44%.

Insider Activity

In other news, insider Mark Lamps sold 300 shares of the firm's stock in a transaction 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 approximately $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings raised Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 target price on Atkore in a research report on Thursday, July 16th. Roth Capital lowered shares of Atkore from a "buy" rating to a "neutral" rating and boosted their target price for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded 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 assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $143.33.

Atkore 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.

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