Atkore Inc. (NYSE:ATKR) is Gates Capital Management Inc.'s 2nd Largest Position

Gates Capital Management Inc. grew its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 29.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,607,354 shares of the company's stock after purchasing an additional 595,774 shares during the quarter. Atkore makes up 4.1% of Gates Capital Management Inc.'s portfolio, making the stock its 2nd biggest position. Gates Capital Management Inc. owned 7.51% of Atkore worth $217,584,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Lakewood Asset Management LLC lifted its position in Atkore by 1.4% in the fourth quarter. Lakewood Asset Management LLC now owns 9,057 shares of the company's stock valued at $756,000 after buying an additional 126 shares during the last quarter. Van Den Berg Management I Inc. boosted its stake in Atkore by 0.4% during the 4th quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company's stock worth $3,425,000 after purchasing an additional 158 shares during the period. Isthmus Partners LLC lifted its holdings in shares of Atkore by 0.8% in the 4th quarter. Isthmus Partners LLC now owns 21,441 shares of the company's stock valued at $1,789,000 after buying an additional 162 shares during the period. Xponance Inc. increased its position in shares of Atkore by 6.9% in the fourth quarter. Xponance Inc. now owns 2,569 shares of the company's stock valued at $214,000 after buying an additional 166 shares in the last quarter. Finally, Willis Investment Counsel boosted its stake in shares of Atkore by 3.3% during the fourth quarter. Willis Investment Counsel now owns 5,350 shares of the company's stock valued at $446,000 after acquiring an additional 171 shares during the last quarter.

Insider Activity at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the completion of the sale, the insider now directly owns 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.99% of the stock is owned by corporate insiders.

Atkore Stock Up 1.2%

Shares of Atkore stock traded up $0.83 on Tuesday, hitting $71.08. The company had a trading volume of 20,568 shares, compared to its average volume of 685,491. The stock has a 50 day moving average of $61.93 and a 200-day moving average of $75.12. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 6.90 and a beta of 2.10. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $159.30.

Atkore (NYSE:ATKR - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.52. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business had revenue of $701.73 million for the quarter, compared to analyst estimates of $690.83 million. During the same quarter in the prior year, the firm posted $4.08 EPS. Atkore's revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts forecast 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 will be paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Atkore's previous quarterly dividend of $0.32. Atkore's dividend payout ratio is presently 25.38%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ATKR. Roth Capital set a $78.00 target price on Atkore and gave the company a "buy" rating in a research note on Wednesday, May 7th. Citigroup cut their target price on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. 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 research note on Wednesday, May 7th. Loop Capital downgraded Atkore from a "buy" rating to a "hold" rating and cut their price objective for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Finally, KeyCorp increased their price target on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $77.57.

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.