Empowered Funds LLC Makes New Investment in Atkore Inc. $ATKR

Empowered Funds LLC purchased a new stake in Atkore Inc. (NYSE:ATKR) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 204,012 shares of the company’s stock, valued at approximately $15,513,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hill City Capital LP acquired a new stake in Atkore in the 2nd quarter worth about $55,061,020. Jefferies Financial Group Inc. purchased a new stake in Atkore during the 2nd quarter worth approximately $1,019,000. Public Employees Retirement System of Ohio acquired a new position in shares of Atkore during the second quarter valued at approximately $1,781,000. Bank of America Corp DE acquired a new position in shares of Atkore during the second quarter valued at approximately $33,367,000. Finally, Caisse de depot et placement du Quebec purchased a new position in shares of Atkore in the second quarter valued at approximately $4,830,000.

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 300 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were 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 approximately $3,356,531.25. This trade represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Roth Capital lowered shares of 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 research report on Tuesday, August 4th. Royal Bank Of Canada set a $76.00 price objective on shares of Atkore in a report on Thursday, July 16th. Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Finally, Citigroup boosted their target price on Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $143.33.

Atkore Price Performance

Atkore stock opened at $93.67 on Friday. The company’s 50 day simple moving average is $81.75 and its 200-day simple moving average is $74.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.14. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The business had revenue of $794.80 million during the quarter, compared to analysts’ expectations of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same period in the previous year, the firm posted $2.17 earnings per share. As a group, equities research analysts expect that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were issued 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 Company 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.