Squarepoint Ops LLC Acquires Shares of 13,257 Atkore Inc. $ATKR

Key Points

• Squarepoint Ops LLC initiated a position in Atkore, purchasing 13,257 shares valued at approximately $1.0 million. Other major investors, including BlackRock and Hill City Capital, also established or increased holdings.
• Atkore reported quarterly EPS of $1.92, exceeding estimates of $1.53, while revenue reached $794.8 million versus the $756.2 million consensus estimate.
• Shares opened at $94.48, near their 12-month high, and the company declared a quarterly dividend of $0.33 per share, equivalent to a 1.4% annualized yield. Analysts maintain a consensus “Hold” rating.

Squarepoint Ops LLC bought a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 13,257 shares of the company's stock, valued at approximately $1,008,000.

Several other large investors also recently modified their holdings of ATKR. BlackRock Inc. purchased a new stake in Atkore in the 2nd quarter worth approximately $236,958,000. Dimensional Fund Advisors LP lifted its stake in Atkore by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company's stock worth $72,341,000 after acquiring an additional 97,514 shares during the period. LSV Asset Management boosted its holdings in Atkore by 5.8% in the fourth quarter. LSV Asset Management now owns 960,450 shares of the company's stock valued at $60,748,000 after acquiring an additional 52,850 shares in the last quarter. Hill City Capital LP bought a new stake in Atkore in the second quarter valued at $55,061,000. Finally, Irenic Capital Management LP increased its position in Atkore by 3,531.8% during the 2nd quarter. Irenic Capital Management LP now owns 507,613 shares of the company's stock valued at $38,599,000 after purchasing an additional 493,636 shares during the period.

Atkore Stock Performance

Shares of Atkore stock opened at $94.48 on Friday. Atkore Inc. has a 12 month low of $53.75 and a 12 month high of $94.63. The firm has a market capitalization of $3.19 billion, a P/E ratio of -19.64 and a beta of 1.68. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $87.33 and a two-hundred day simple moving average of $76.87.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.53 by $0.39. The firm had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same period in the prior year, the firm earned $2.17 EPS. On average, equities analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

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

Insider Activity at Atkore

In other news, insider Mark Lamps sold 300 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the sale, the insider directly owned 35,803 shares of the company's stock, valued at $3,356,531.25. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on ATKR shares. Royal Bank Of Canada set a $76.00 price objective 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. Roth Capital downgraded shares of Atkore from a "buy" rating to a "neutral" rating and increased their price target for the stock from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a report on Sunday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Atkore presently has a consensus rating of "Hold" and an average target price of $143.33.

About Atkore

Atkore Inc NYSE: ATKR manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company's products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.

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