Atkore Inc. (NYSE:ATKR) Holdings Lifted by Gates Capital Management Inc.

Gates Capital Management Inc. grew its holdings in shares of Atkore Inc. (NYSE:ATKR) by 29.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,607,354 shares of the company’s stock after acquiring an additional 595,774 shares during the quarter. Atkore comprises 4.1% of Gates Capital Management Inc.’s portfolio, making the stock its 2nd largest holding. Gates Capital Management Inc. owned approximately 0.08% of Atkore worth $217,584,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Trust Advisors LP boosted its position in Atkore by 195.6% during the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock valued at $98,009,000 after acquiring an additional 777,113 shares in the last quarter. Wellington Management Group LLP grew its stake in Atkore by 549.9% in the fourth quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock worth $50,658,000 after purchasing an additional 513,631 shares during the period. Norges Bank bought a new position in Atkore in the fourth quarter worth $42,339,000. Victory Capital Management Inc. lifted its position in Atkore by 3,948.4% during the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after buying an additional 459,200 shares during the period. Finally, T. Rowe Price Investment Management Inc. purchased a new position in Atkore during the fourth quarter valued at $21,369,000.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Loop Capital lowered shares of Atkore from a “buy” rating to a “hold” rating and decreased their price target for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. KeyCorp raised their target price on shares of Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup dropped their price target on Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada raised their price objective on Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a research report on Wednesday. Finally, Roth Capital set a $78.00 target price on Atkore and gave the stock a “buy” rating in a report on Wednesday. Four equities 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 company presently has an average rating of “Hold” and an average price target of $77.57.

Atkore Stock Down 1.1 %

Atkore stock opened at $67.95 on Friday. Atkore Inc. has a 12 month low of $49.92 and a 12 month high of $163.12. The stock has a fifty day simple moving average of $61.77 and a two-hundred day simple moving average of $75.37. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 6.58 and a beta of 2.10.

Atkore (NYSE:ATKR) last issued its earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.52. The business had revenue of $701.73 million during the quarter, compared to analyst estimates of $690.83 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. Atkore’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.08 EPS. Equities analysts predict that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Friday, May 16th will be issued a $0.33 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.32 annualized dividend and a yield of 1.94%. This is a boost from Atkore’s previous quarterly dividend of $0.32. Atkore’s dividend payout ratio (DPR) is currently 25.38%.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 1,000 shares of the firm’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $69.16, for a total value of $69,160.00. Following the transaction, the insider now directly owns 32,828 shares in the company, valued at $2,270,384.48. This trade represents a 2.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.99% of the stock is currently owned by insiders.

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.