Chase Investment Counsel Corp Grows Stock Position in Atkore Inc. (NYSE:ATKR)

Chase Investment Counsel Corp boosted its stake in Atkore Inc. (NYSE:ATKR) by 42.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,000 shares of the company’s stock after purchasing an additional 2,080 shares during the quarter. Chase Investment Counsel Corp’s holdings in Atkore were worth $1,120,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Teza Capital Management LLC boosted its stake in shares of Atkore by 9.2% during the 3rd quarter. Teza Capital Management LLC now owns 1,446 shares of the company’s stock valued at $216,000 after buying an additional 122 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Atkore by 2.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock worth $100,707,000 after purchasing an additional 12,189 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Atkore by 3.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 564,384 shares of the company’s stock worth $90,301,000 after purchasing an additional 19,876 shares during the last quarter. New York Life Investment Management LLC bought a new stake in Atkore during the third quarter valued at $594,000. Finally, Cambria Investment Management L.P. boosted its holdings in shares of Atkore by 7.2% in the 3rd quarter. Cambria Investment Management L.P. now owns 69,971 shares of the company’s stock valued at $10,439,000 after buying an additional 4,711 shares during the period.

Atkore Stock Performance

Shares of NYSE ATKR traded up $0.80 during trading hours on Monday, hitting $183.79. 102,663 shares of the stock were exchanged, compared to its average volume of 449,636. The firm has a market capitalization of $6.76 billion, a P/E ratio of 11.00 and a beta of 2.19. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.96 and a quick ratio of 1.99. Atkore Inc. has a one year low of $116.14 and a one year high of $194.98. The company’s 50 day moving average is $173.49 and its 200 day moving average is $153.50.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, February 1st. The company reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.08 by $1.04. The firm had revenue of $798.50 million for the quarter, compared to analyst estimates of $777.05 million. Atkore had a return on equity of 46.79% and a net margin of 18.80%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.51 earnings per share. On average, research analysts expect that Atkore Inc. will post 15.06 EPS for the current year.

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, February 27th were paid a $0.32 dividend. The ex-dividend date was Monday, February 26th. This represents a $1.28 dividend on an annualized basis and a yield of 0.70%. Atkore’s payout ratio is presently 7.67%.

Insider Buying and Selling

In related news, Director Justin A. Kershaw sold 1,099 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.77, for a total value of $188,775.23. Following the completion of the transaction, the director now directly owns 16,686 shares in the company, valued at approximately $2,866,154.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atkore news, Director Justin A. Kershaw sold 1,099 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.77, for a total value of $188,775.23. Following the completion of the transaction, the director now directly owns 16,686 shares in the company, valued at $2,866,154.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Leangela W. Lowe sold 6,500 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the completion of the sale, the vice president now directly owns 25,590 shares in the company, valued at $4,505,631.30. The disclosure for this sale can be found here. Insiders sold a total of 148,464 shares of company stock valued at $25,124,751 over the last three months. Company insiders own 2.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. StockNews.com upgraded Atkore from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Citigroup raised their price objective on shares of Atkore from $176.00 to $200.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $187.00 price objective on shares of Atkore in a research note on Friday, March 22nd.

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.