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 bought a new position in Atkore Inc. (NYSE:ATKR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 80,850 shares of the company's stock, valued at approximately $4,850,000. Atkore accounts for 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.

Several other institutional investors also recently modified their holdings of ATKR. CWM LLC raised its stake in Atkore by 952.0% during the 1st quarter. CWM LLC now owns 5,565 shares of the company's stock valued at $334,000 after purchasing an additional 5,036 shares during the period. GAMMA Investing LLC grew its holdings in shares of Atkore by 1,514.7% during the 1st quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $33,000 after acquiring an additional 515 shares in the last quarter. KBC Group NV grew its holdings in shares of Atkore by 29.5% during the 1st quarter. KBC Group NV now owns 1,881 shares of the company's stock valued at $113,000 after acquiring an additional 429 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Atkore by 3.6% during the 1st quarter. Principal Financial Group Inc. now owns 58,174 shares of the company's stock valued at $3,490,000 after acquiring an additional 2,006 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Atkore by 97.0% during the 1st quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after acquiring an additional 259 shares in the last quarter.

Atkore Stock Up 0.1%

Shares of ATKR traded up $0.10 during trading hours on Monday, reaching $76.02. 166,209 shares of the stock traded hands, compared to its average volume of 571,745. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 14.62 and a beta of 2.10. The company has a current ratio of 3.02, a quick ratio of 1.98 and a debt-to-equity ratio of 0.54. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $121.78. The stock has a fifty day simple moving average of $71.50 and a 200 day simple moving average of $68.13.

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

Atkore Dividend Announcement

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

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $69.16, for a total value of $69,160.00. Following the completion of the transaction, the insider directly owned 32,828 shares in the company, valued at approximately $2,270,384.48. This represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Atkore Profile

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.