Kestrel Investment Management Corp Buys New Stake in Atkore Inc. (NYSE:ATKR)

Key Points

• Kestrel Investment Management Corp acquired a new stake in Atkore Inc., purchasing 80,850 shares valued at approximately $4.85 million, making it the 13th largest position in their portfolio.
• Recent analysts' ratings show that Atkore's price targets have been lifted, with four analysts rating it as a "buy" and a consensus target price of $79.57.
• Atkore announced a quarterly dividend of $0.33 per share, reflecting a 1.7% yield, with the payment date set for August 29th.

Kestrel Investment Management Corp purchased a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,850 shares of the company's stock, valued at approximately $4,850,000. Atkore makes up about 3.0% of Kestrel Investment Management Corp's investment portfolio, making the stock its 13th largest holding. Kestrel Investment Management Corp owned approximately 0.23% of Atkore as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its holdings in Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after buying an additional 259 shares during the last quarter. GAMMA Investing LLC increased its holdings in Atkore by 1,514.7% in the first quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $33,000 after buying an additional 515 shares during the last quarter. Versant Capital Management Inc increased its holdings in Atkore by 358.9% in the first quarter. Versant Capital Management Inc now owns 693 shares of the company's stock valued at $42,000 after buying an additional 542 shares during the last quarter. Signaturefd LLC increased its holdings in Atkore by 384.0% in the first quarter. Signaturefd LLC now owns 905 shares of the company's stock valued at $54,000 after buying an additional 718 shares during the last quarter. Finally, Harbour Investments Inc. grew its holdings in shares of Atkore by 29.1% during the first quarter. Harbour Investments Inc. now owns 1,330 shares of the company's stock worth $80,000 after purchasing an additional 300 shares during the last quarter.

Atkore Price Performance

Shares of ATKR traded down $1.25 during mid-day trading on Friday, reaching $75.77. 504,503 shares of the company's stock were exchanged, compared to its average volume of 445,524. The company has a quick ratio of 1.98, a current ratio of 3.02 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $71.50 and a two-hundred day simple moving average of $68.24. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $124.69. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 14.57 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.52 by $0.52. The firm had revenue of $701.73 million during the quarter, compared to analysts' expectations of $690.83 million. Atkore had a net margin of 6.48% and a return on equity of 20.81%. Atkore's revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.08 EPS. On average, sell-side analysts predict that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. Atkore's payout ratio is currently 25.38%.

Analyst Upgrades and Downgrades

ATKR has been the topic of several research reports. Royal Bank Of Canada raised their price objective on Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Roth Capital set a $78.00 target price on shares of Atkore and gave the stock a "buy" rating in a research note on Wednesday, May 7th. KeyCorp increased their target price on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Citigroup restated a "neutral" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Atkore in a research report on Monday, June 9th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $79.57.

Insider Activity

In other news, insider Mark F. Lamps sold 1,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the completion of the sale, the insider directly owned 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 filing with the Securities & Exchange Commission, which is available at this link. 1.99% of the stock is owned by corporate insiders.

About Atkore

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.