Old West Investment Management LLC Acquires New Holdings in Atkore Inc. $ATKR

Old West Investment Management LLC bought a new stake in Atkore Inc. (NYSE:ATKR) during the second quarter, Holdings Channel.com reports. The firm bought 22,737 shares of the company’s stock, valued at approximately $1,729,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Oslo Pensjonsforsikring AS acquired a new stake in shares of Atkore during the 1st quarter valued at $22,209,000. Irenic Capital Management LP acquired a new position in Atkore in the 4th quarter worth about $884,000. Hsbc Holdings PLC acquired a new position in Atkore in the 1st quarter worth about $1,092,000. LSV Asset Management raised its position in Atkore by 5.8% in the fourth quarter. LSV Asset Management now owns 960,450 shares of the company’s stock valued at $60,748,000 after purchasing an additional 52,850 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Atkore by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company’s stock valued at $72,341,000 after purchasing an additional 97,514 shares during the last quarter.

Atkore Stock Up 0.0%

Shares of NYSE:ATKR opened at $93.81 on Monday. The firm has a market cap of $3.17 billion, a P/E ratio of -19.50 and a beta of 1.68. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. Atkore Inc. has a 12-month low of $53.75 and a 12-month high of $94.14. The business has a fifty day simple moving average of $78.87 and a 200 day simple moving average of $72.37.

Atkore (NYSE:ATKR) last announced its earnings results on Monday, August 3rd. The company reported $1.92 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 for the quarter, compared to the consensus estimate of $756.23 million. During the same period in the previous year, the business earned $2.17 EPS. Analysts predict that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, August 18th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Atkore’s payout ratio is currently -27.44%.

Insider Activity at Atkore

In related news, insider Mark F. 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 sale, the insider directly owned 35,803 shares in the company, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Roth Capital cut Atkore from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $85.00 to $92.00 in a report on Tuesday, August 4th. Royal Bank Of Canada set a $76.00 price objective on Atkore in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday. Finally, Citigroup boosted their target price on shares of Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One investment 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, the company has an average rating of “Hold” and an average price target of $143.33.

Atkore Profile

Atkore International Group Inc (NYSE: ATKR) is a diversified global manufacturer of electrical raceway and mechanical products, serving a broad range of end markets including commercial construction, industrial facilities and energy infrastructure. The company’s electrical product portfolio encompasses conduit, tubing, fittings, connectors and cable management systems designed for use in residential, commercial and industrial wiring applications. On the mechanical side, Atkore offers pipe support solutions, seismic bracing, HVAC hangers and other mechanical products that address critical building and process piping needs.

Founded as a family-owned business before its reorganization into a standalone public company in 2016, Atkore has grown through both organic investment and targeted acquisitions.