Quantitative Investment Management LLC Acquires New Position in Atkore Inc. $ATKR

Key Points

• Quantitative Investment Management LLC acquired a new position in Atkore Inc. worth approximately $614,000 by purchasing 10,237 shares in the 1st quarter.
• Atkore's stock has received multiple rating upgrades, with a consensus target price of $79.57 and a mix of "buy" and "hold" ratings from various analysts.
• The company also announced a quarterly dividend of $0.33, representing a 2.2% yield, to be paid to shareholders on August 29th.

Quantitative Investment Management LLC acquired a new stake in Atkore Inc. (NYSE:ATKR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 10,237 shares of the company's stock, valued at approximately $614,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC grew its stake in shares of Atkore by 952.0% during the 1st quarter. CWM LLC now owns 5,565 shares of the company's stock worth $334,000 after acquiring an additional 5,036 shares during the period. GAMMA Investing LLC grew its stake in shares of Atkore by 1,514.7% during the 1st quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $33,000 after acquiring an additional 515 shares during the period. KBC Group NV grew its stake in shares of Atkore by 29.5% during the 1st quarter. KBC Group NV now owns 1,881 shares of the company's stock worth $113,000 after acquiring an additional 429 shares during the period. Nuveen LLC bought a new position in shares of Atkore during the 1st quarter worth $11,502,000. Finally, Principal Financial Group Inc. grew its stake 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 worth $3,490,000 after acquiring an additional 2,006 shares during the period.

Analyst Ratings Changes

Several research firms have recently weighed in on ATKR. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Royal Bank Of Canada increased their price target on Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Citigroup reiterated a "neutral" rating and set a $80.00 price target (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. KeyCorp reissued a "sector weight" rating on shares of Atkore in a report on Wednesday, August 6th. Finally, Roth Capital set a $78.00 price objective on Atkore and gave the stock a "buy" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $79.57.

Atkore Price Performance

Shares of NYSE:ATKR traded down $1.10 on Thursday, hitting $58.55. The company's stock had a trading volume of 476,728 shares, compared to its average volume of 793,991. The company has a 50-day simple moving average of $68.28 and a 200 day simple moving average of $65.64. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $105.28. The company has a market capitalization of $1.97 billion, a PE ratio of 18.76 and a beta of 2.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.09 and a quick ratio of 2.08.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $1.32 annualized dividend and a dividend yield of 2.3%. Atkore's dividend payout ratio (DPR) is presently 42.31%.

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.37, for a total value of $59,370.00. Following the sale, the insider 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.99% of the stock is currently owned by insiders.

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.