Hsbc Holdings PLC Grows Stock Position in Atkore Inc. (NYSE:ATKR)

Hsbc Holdings PLC boosted its position in Atkore Inc. (NYSE:ATKR - Free Report) by 59.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,068 shares of the company's stock after buying an additional 10,121 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Atkore worth $2,252,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Lakewood Asset Management LLC increased its holdings in shares of Atkore by 1.4% during the 4th quarter. Lakewood Asset Management LLC now owns 9,057 shares of the company's stock worth $756,000 after buying an additional 126 shares during the last quarter. Isthmus Partners LLC grew its position in shares of Atkore by 0.8% during the fourth quarter. Isthmus Partners LLC now owns 21,441 shares of the company's stock worth $1,789,000 after buying an additional 162 shares in the last quarter. Xponance Inc. raised its stake in shares of Atkore by 6.9% in the 4th quarter. Xponance Inc. now owns 2,569 shares of the company's stock valued at $214,000 after purchasing an additional 166 shares in the last quarter. Willis Investment Counsel lifted its holdings in Atkore by 3.3% during the 4th quarter. Willis Investment Counsel now owns 5,350 shares of the company's stock worth $446,000 after buying an additional 171 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Atkore by 0.8% in the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock worth $1,782,000 after purchasing an additional 171 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ATKR shares. Loop Capital downgraded Atkore from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. KeyCorp decreased their target price on shares of Atkore from $80.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada increased their price target on shares of Atkore from $64.00 to $65.00 and gave the stock a "sector perform" rating in a research note on Tuesday, April 22nd. Finally, Citigroup lowered their price target on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Atkore has a consensus rating of "Moderate Buy" and an average target price of $75.00.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the sale, the insider now directly owns 33,760 shares in the company, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.99% of the stock is currently owned by insiders.

Atkore Price Performance

Shares of ATKR traded up $0.70 during trading hours on Monday, hitting $66.60. 192,818 shares of the company were exchanged, compared to its average volume of 696,833. The firm's fifty day moving average is $61.15 and its 200 day moving average is $75.92. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. Atkore Inc. has a fifty-two week low of $49.92 and a fifty-two week high of $180.62. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 6.44 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.45. The company had revenue of $661.60 million during the quarter, compared to the consensus estimate of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company's revenue for the quarter was down 17.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.12 earnings per share. On average, equities analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Friday, May 16th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.98%. This is a positive change from Atkore's previous quarterly dividend of $0.32. The ex-dividend date is Friday, May 16th. Atkore's payout ratio is presently 12.78%.

About Atkore

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.