Man Group plc Invests $7.50 Million in Atkore Inc. $ATKR

Key Points

• Man Group plc bought 98,582 Atkore shares worth approximately $7.5 million in the second quarter, representing about 0.29% of the company. BlackRock and several other institutional investors also established or increased positions.
• Atkore reported quarterly earnings of $1.92 per share on $794.8 million in revenue, surpassing analyst expectations of $1.53 EPS and $756.2 million in revenue. Analysts forecast full-year EPS of $5.15.
• Shares opened at $93.67, near the 52-week high, while the company maintained a quarterly dividend of $0.33 per share, or a 1.4% annualized yield. Analyst sentiment remained mixed, with a consensus rating of “Hold.”

Man Group plc purchased a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 98,582 shares of the company's stock, valued at approximately $7,496,000. Man Group plc owned about 0.29% of Atkore as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Atkore during the 2nd quarter worth approximately $236,958,000. First Trust Advisors LP lifted its position in shares of Atkore by 18.7% in the fourth quarter. First Trust Advisors LP now owns 1,385,741 shares of the company's stock valued at $87,648,000 after acquiring an additional 218,358 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Atkore by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company's stock valued at $72,341,000 after acquiring an additional 97,514 shares in the last quarter. LSV Asset Management boosted its stake in shares of Atkore by 5.8% in the fourth quarter. LSV Asset Management now owns 960,450 shares of the company's stock worth $60,748,000 after acquiring an additional 52,850 shares during the last quarter. Finally, Coliseum Capital Management LLC acquired a new stake in shares of Atkore in the fourth quarter worth approximately $51,189,000.

Atkore Stock Performance

NYSE:ATKR opened at $93.67 on Friday. The company's 50-day moving average is $81.75 and its two-hundred day moving average is $74.07. Atkore Inc. has a 1-year low of $53.75 and a 1-year high of $94.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68.

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, beating analysts' consensus estimates of $1.53 by $0.39. The firm had revenue of $794.80 million for the quarter, compared to analysts' expectations 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 in the prior year, the firm posted $2.17 earnings per share. Analysts forecast that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Dividend Announcement

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

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 300 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.75, for a total value of $28,125.00. Following the transaction, the insider owned 35,803 shares of the company's stock, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ATKR shares. Roth Capital downgraded Atkore from a "buy" rating to a "neutral" rating and increased their price objective for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a report on Thursday, July 16th. Weiss Ratings upgraded shares of Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Citigroup raised their price target on shares of Atkore from $74.00 to $86.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Atkore presently has an average rating of "Hold" and a consensus target price 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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