Atkore Inc. (NYSE:ATKR) Shares Acquired by North Growth Management Ltd.

North Growth Management Ltd. raised its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 94.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,000 shares of the company's stock after purchasing an additional 35,000 shares during the quarter. North Growth Management Ltd. owned about 0.21% of Atkore worth $4,320,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its holdings in Atkore by 195.6% in the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock worth $98,009,000 after buying an additional 777,113 shares in the last quarter. Gates Capital Management Inc. increased its position in shares of Atkore by 29.6% during the fourth quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock worth $217,584,000 after acquiring an additional 595,774 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Atkore by 549.9% during the fourth quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock worth $50,658,000 after acquiring an additional 513,631 shares during the last quarter. Norges Bank acquired a new position in shares of Atkore in the fourth quarter worth about $42,339,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company's stock worth $39,291,000 after acquiring an additional 459,200 shares in the last quarter.

Analysts Set New Price Targets

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

Atkore Stock Performance

Shares of ATKR traded down $0.46 during mid-day trading on Friday, hitting $66.23. The stock had a trading volume of 810,828 shares, compared to its average volume of 666,080. Atkore Inc. has a fifty-two week low of $49.92 and a fifty-two week high of $153.32. 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 market cap of $2.23 billion, a PE ratio of 12.74 and a beta of 2.06. The company's fifty day simple moving average is $65.58 and its two-hundred day simple moving average is $70.22.

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

Atkore Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th were issued a $0.33 dividend. The ex-dividend date was Friday, May 16th. This is a positive change from Atkore's previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a dividend yield of 1.99%. Atkore's payout ratio is 25.38%.

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $69.16, for a total transaction of $69,160.00. Following the sale, the insider now directly owns 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. Insiders own 1.99% of the company's stock.

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.