Orbis Allan Gray Ltd Acquires 54,100 Shares of Atkore Inc. $ATKR

Key Points

• Orbis Allan Gray Ltd increased its stake in Atkore Inc. by 27.5%, acquiring an additional 54,100 shares, bringing its total holdings to 251,030 shares valued at approximately $15 million.
• Atkore recently declared a quarterly dividend of $0.33 per share, yielding 2.3% annually, with a payout ratio of 42.31%.
• Analysts have mixed views on Atkore, with two rating it as a Buy and five giving it a Hold rating, while the consensus price target stands at $79.57.

Orbis Allan Gray Ltd boosted its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 27.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,030 shares of the company's stock after acquiring an additional 54,100 shares during the period. Orbis Allan Gray Ltd owned 0.75% of Atkore worth $15,059,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ATKR. Gates Capital Management Inc. increased its stake in Atkore by 29.6% during the 4th 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 period. Wellington Management Group LLP increased its stake in Atkore by 549.9% during the 4th 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 period. Pacer Advisors Inc. increased its stake in Atkore by 43,389.8% during the 1st quarter. Pacer Advisors Inc. now owns 365,749 shares of the company's stock worth $21,941,000 after acquiring an additional 364,908 shares during the period. Federated Hermes Inc. increased its stake in Atkore by 29,230.4% during the 1st quarter. Federated Hermes Inc. now owns 209,419 shares of the company's stock worth $12,563,000 after acquiring an additional 208,705 shares during the period. Finally, Nuveen LLC bought a new position in Atkore during the 1st quarter worth $11,502,000.

Insider Transactions at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $59.37, for a total transaction of $59,370.00. Following the completion of the transaction, the insider directly owned 31,873 shares of the company's stock, valued at $1,892,300.01. This trade represents a 3.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.99% of the stock is currently owned by corporate insiders.

Atkore Trading Up 0.9%

NYSE:ATKR traded up $0.52 during trading hours on Thursday, hitting $57.04. 108,864 shares of the company were exchanged, compared to its average volume of 597,182. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 18.29 and a beta of 2.16. The company has a current ratio of 3.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.52. Atkore Inc. has a one year low of $49.92 and a one year high of $105.28. The company has a fifty day simple moving average of $67.39 and a 200 day simple moving average of $65.28.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Tuesday, August 19th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Atkore's dividend payout ratio (DPR) is currently 42.31%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. KeyCorp restated a "sector weight" rating on shares of Atkore in a research note on Wednesday, August 6th. Citigroup reaffirmed a "neutral" rating and issued a $80.00 target price (up previously from $70.00) on shares of Atkore in a report on Monday, June 9th. Roth Capital set a $78.00 target price on Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Royal Bank Of Canada raised their target price on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $79.57.

Atkore Company 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.