Legal & General Group Plc Makes New $2.52 Million Investment in Atkore Inc. $ATKR

Key Points

• Legal & General Group Plc acquired 33,144 Atkore shares worth approximately $2.52 million, representing about 0.10% of the company. Several other institutional investors also established sizable positions.
• Atkore reported quarterly EPS of $1.92, exceeding the $1.53 analyst consensus, while revenue of $794.8 million also surpassed estimates. The company’s shares opened at $93.77, near their 52-week high of $94.14.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” despite an average price target of $143.33. Atkore also paid a quarterly dividend of $0.33 per share, equivalent to a 1.4% annualized yield.

Legal & General Group Plc bought a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 33,144 shares of the company's stock, valued at approximately $2,520,000. Legal & General Group Plc owned approximately 0.10% of Atkore at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new position in Atkore in the 2nd quarter worth approximately $236,958,000. Coliseum Capital Management LLC acquired a new position in Atkore during the 4th quarter worth $51,189,000. Earnest Partners LLC bought a new position in Atkore in the 4th quarter valued at $49,571,000. Hill City Capital LP bought a new position in Atkore in the 2nd quarter valued at $55,061,000. Finally, Oslo Pensjonsforsikring AS acquired a new stake in shares of Atkore in the 1st quarter valued at $22,209,000.

Analyst Upgrades and Downgrades

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

Atkore Price Performance

ATKR opened at $93.77 on Friday. The company has a fifty day moving average price of $83.21 and a two-hundred day moving average price of $75.01. The firm has a market capitalization of $3.17 billion, a PE ratio of -19.49 and a beta of 1.68. Atkore Inc. has a 52 week low of $53.75 and a 52 week high of $94.14. 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 posted its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.The company had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. During the same quarter in the prior year, the business posted $2.17 EPS. As a group, analysts anticipate that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were paid a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a yield of 1.4%. Atkore's dividend payout ratio is presently -27.44%.

Insider Transactions at Atkore

In other news, insider Mark Lamps sold 300 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider directly owned 35,803 shares in the company, valued at approximately $3,356,531.25. The trade was a 0.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.10% of the company's stock.

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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