Tidal Investments LLC Increases Stock Position in Atkore Inc. $ATKR

Key Points

• Tidal Investments increased its Atkore stake by 61.8% in the second quarter, reaching 51,660 shares valued at approximately $3.93 million. Other major institutions, including BlackRock and California State Teachers Retirement System, also added significant positions.
• Analyst sentiment remains mixed, with Atkore holding a consensus “Hold” rating and an average price target of $143.33. Ratings range from Strong Buy to Sell.
• Atkore exceeded quarterly expectations, reporting $1.92 in EPS versus a $1.53 estimate and revenue of $794.8 million. The company also paid a quarterly dividend of $0.33 per share, equivalent to a 1.4% annualized yield.

Tidal Investments LLC lifted its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 61.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,660 shares of the company's stock after purchasing an additional 19,729 shares during the period. Tidal Investments LLC owned 0.15% of Atkore worth $3,928,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Atkore in the 2nd quarter valued at about $236,958,000. California State Teachers Retirement System boosted its stake in shares of Atkore by 7,265.0% in the 2nd quarter. California State Teachers Retirement System now owns 2,924,118 shares of the company's stock worth $222,350,000 after buying an additional 2,884,415 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Atkore by 8.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company's stock worth $72,341,000 after buying an additional 97,514 shares during the last quarter. LSV Asset Management boosted its stake in shares of Atkore by 5.8% in the 4th quarter. LSV Asset Management now owns 960,450 shares of the company's stock worth $60,748,000 after buying an additional 52,850 shares during the last quarter. Finally, Hill City Capital LP bought a new position in shares of Atkore in the second quarter valued at approximately $55,061,020.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ATKR. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research report on Sunday, July 26th. Roth Capital lowered Atkore from a "buy" rating to a "neutral" rating and raised their target price for the company from $85.00 to $92.00 in a research report on Tuesday, August 4th. Weiss Ratings upgraded Atkore from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Atkore presently has a consensus rating of "Hold" and a consensus target price of $143.33.

Atkore Stock Performance

Shares of ATKR opened at $94.11 on Tuesday. Atkore Inc. has a 12-month low of $53.75 and a 12-month high of $94.39. 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 company has a market cap of $3.18 billion, a PE ratio of -19.56 and a beta of 1.68. The stock has a 50-day moving average price of $85.84 and a 200-day moving average price of $76.24.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.39. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.The firm had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. During the same quarter in the previous year, the company posted $2.17 earnings per share. As a group, equities analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

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

Insiders Place Their Bets

In other Atkore news, insider Mark Lamps sold 300 shares of the company'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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by insiders.

Atkore Profile

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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