M&G Plc Acquires New Stake in Atkore Inc. (NYSE:ATKR)

M&G Plc bought a new position in Atkore Inc. (NYSE:ATKR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 107,327 shares of the company’s stock, valued at approximately $9,123,000.

Other hedge funds have also added to or reduced their stakes in the company. Roman Butler Fullerton & Co. increased its holdings in shares of Atkore by 74.1% during the third quarter. Roman Butler Fullerton & Co. now owns 5,543 shares of the company’s stock valued at $474,000 after acquiring an additional 2,359 shares in the last quarter. Van ECK Associates Corp increased its stake in Atkore by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 24,927 shares of the company’s stock valued at $2,136,000 after purchasing an additional 7,123 shares in the last quarter. CacheTech Inc. raised its holdings in Atkore by 56.6% in the third quarter. CacheTech Inc. now owns 25,761 shares of the company’s stock worth $2,183,000 after buying an additional 9,310 shares during the last quarter. Silver Coast Investments LLC lifted its stake in shares of Atkore by 11.8% in the third quarter. Silver Coast Investments LLC now owns 5,178 shares of the company’s stock worth $439,000 after buying an additional 546 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Atkore by 19.6% during the third quarter. US Bancorp DE now owns 4,169 shares of the company’s stock valued at $353,000 after buying an additional 683 shares during the last quarter.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.56% of the stock is currently owned by insiders.

Atkore Stock Performance

Shares of ATKR opened at $102.71 on Friday. The firm has a market capitalization of $3.68 billion, a P/E ratio of 7.21 and a beta of 2.13. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. Atkore Inc. has a one year low of $80.11 and a one year high of $194.98. The business has a fifty day moving average of $87.00 and a 200 day moving average of $120.05.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.28. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The business had revenue of $822.40 million during the quarter, compared to the consensus estimate of $830.16 million. During the same period in the previous year, the company posted $5.13 EPS. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atkore Inc. will post 12.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ATKR shares. Royal Bank of Canada lowered shares of Atkore from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $175.00 to $100.00 in a report on Wednesday, August 7th. KeyCorp decreased their price target on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. B. Riley reduced their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Loop Capital lowered their target price on shares of Atkore from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $131.60.

Atkore 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.