Capital World Investors Acquires New Shares in Atkore Inc. (NYSE:ATKR)

Capital World Investors bought a new position in shares of Atkore Inc. (NYSE:ATKR) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 78,725 shares of the company’s stock, valued at approximately $14,986,000. Capital World Investors owned approximately 0.22% of Atkore at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. River Road Asset Management LLC lifted its holdings in shares of Atkore by 14.1% during the 4th quarter. River Road Asset Management LLC now owns 1,260,290 shares of the company’s stock valued at $201,646,000 after purchasing an additional 155,508 shares in the last quarter. Boston Partners boosted its holdings in shares of Atkore by 98.9% in the fourth quarter. Boston Partners now owns 1,197,025 shares of the company’s stock valued at $191,329,000 after buying an additional 595,115 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Atkore by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,067,162 shares of the company’s stock worth $170,753,000 after acquiring an additional 3,568 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Atkore by 20.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 756,119 shares of the company’s stock worth $143,935,000 after acquiring an additional 126,699 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Atkore by 3.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 564,384 shares of the company’s stock valued at $90,301,000 after acquiring an additional 19,876 shares in the last quarter.

Insider Activity

In related news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total transaction of $78,835.00. Following the completion of the transaction, the insider now owns 28,586 shares in the company, valued at $4,507,154.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $157.67, for a total value of $78,835.00. Following the sale, the insider now owns 28,586 shares in the company, valued at approximately $4,507,154.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wilbert W. James, Jr. sold 599 shares of Atkore stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the transaction, the director now directly owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The disclosure for this sale can be found here. 2.56% of the stock is owned by insiders.

Analysts Set New Price Targets

ATKR has been the subject of a number of research reports. StockNews.com cut Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Citigroup decreased their price objective on Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, KeyCorp started coverage on Atkore in a research note on Wednesday, July 10th. They issued an “overweight” rating and a $175.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Atkore presently has an average rating of “Moderate Buy” and an average target price of $184.00.

Atkore Stock Performance

ATKR opened at $139.21 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.98 and a current ratio of 3.09. The business’s 50-day simple moving average is $141.32 and its 200 day simple moving average is $156.71. The firm has a market capitalization of $5.07 billion, a PE ratio of 8.68 and a beta of 2.15. Atkore Inc. has a 52-week low of $121.00 and a 52-week high of $194.98.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. The company had revenue of $792.90 million during the quarter, compared to the consensus estimate of $808.22 million. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.31 EPS. As a group, sell-side analysts expect that Atkore Inc. will post 14.93 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $1.28 annualized dividend and a dividend yield of 0.92%. Atkore’s dividend payout ratio is presently 7.98%.

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.