Irenic Capital Management LP Acquires 493,636 Shares of Atkore Inc. $ATKR

Irenic Capital Management LP lifted its holdings in Atkore Inc. (NYSE:ATKR) by 3,531.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 507,613 shares of the company’s stock after purchasing an additional 493,636 shares during the period. Atkore comprises 1.9% of Irenic Capital Management LP’s holdings, making the stock its 14th biggest position. Irenic Capital Management LP’s holdings in Atkore were worth $38,599,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ATKR. Global Retirement Partners LLC purchased a new position in Atkore during the second quarter valued at approximately $28,000. Kestra Investment Management LLC lifted its holdings in Atkore by 710.9% during the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after buying an additional 391 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after acquiring an additional 480 shares in the last quarter. Strs Ohio bought a new stake in Atkore during the 1st quarter valued at $36,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Atkore by 61.8% in the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after acquiring an additional 246 shares during the period.

Insider Transactions at Atkore

In related news, insider Mark Lamps sold 300 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the transaction, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This represents a 0.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ATKR. Royal Bank Of Canada set a $76.00 price target on Atkore in a research report on Thursday, July 16th. Weiss Ratings raised Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Finally, Roth Capital downgraded shares of Atkore from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $85.00 to $92.00 in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Atkore has an average rating of “Hold” and a consensus price target of $143.33.

Atkore Price Performance

Shares of ATKR opened at $93.77 on Friday. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -19.49 and a beta of 1.68. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The company has a 50 day moving average of $83.21 and a two-hundred day moving average of $75.01.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. During the same period in the prior year, the firm posted $2.17 earnings per share. As a group, analysts predict that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, August 18th. Atkore’s payout ratio is -27.44%.

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.