Zacks Investment Research upgraded shares of Atkore International Group (NYSE:ATKR) from a hold rating to a buy rating in a research note published on Thursday, Zacks.com reports. The brokerage currently has $32.00 target price on the stock.
According to Zacks, “Atkore International Group Inc. manufactures and distributes electrical raceway products. It offers steel tubes and pipes, electrical conduit, armored wire and cable, cable trays, metal framing systems and building components. Atkore International Group Inc. is based in Harvey, Illinois. “
Separately, TheStreet raised Atkore International Group from a c rating to a b- rating in a research note on Thursday, May 23rd. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $28.00.
Atkore International Group (NYSE:ATKR) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.23. The firm had revenue of $493.49 million during the quarter, compared to the consensus estimate of $528.63 million. Atkore International Group had a return on equity of 82.84% and a net margin of 6.65%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 EPS. As a group, sell-side analysts expect that Atkore International Group will post 2.76 EPS for the current fiscal year.
In other news, insider Peter J. Lariviere sold 9,640 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $24.66, for a total transaction of $237,722.40. Following the completion of the transaction, the insider now directly owns 122,082 shares of the company’s stock, valued at approximately $3,010,542.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.03% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Nuveen Asset Management LLC acquired a new stake in shares of Atkore International Group in the 2nd quarter worth approximately $39,974,000. LSV Asset Management grew its holdings in shares of Atkore International Group by 414.5% in the 2nd quarter. LSV Asset Management now owns 921,044 shares of the company’s stock worth $23,827,000 after acquiring an additional 742,044 shares during the period. Invesco Ltd. grew its holdings in shares of Atkore International Group by 320.7% in the 2nd quarter. Invesco Ltd. now owns 745,542 shares of the company’s stock worth $19,288,000 after acquiring an additional 568,335 shares during the period. BlackRock Inc. grew its holdings in shares of Atkore International Group by 13.3% in the 2nd quarter. BlackRock Inc. now owns 3,640,604 shares of the company’s stock worth $94,184,000 after acquiring an additional 426,128 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Atkore International Group by 11.6% in the 1st quarter. Wells Fargo & Company MN now owns 2,685,237 shares of the company’s stock worth $57,813,000 after acquiring an additional 279,596 shares during the period. 96.90% of the stock is owned by institutional investors and hedge funds.
About Atkore International Group
Atkore International Group Inc manufactures and distributes electrical raceway products, and mechanical products and solutions (MP&S) in the United States and internationally. The company offers electrical raceway products, including electrical conduits and fittings, armored cables and fittings, and cable trays and mounting systems and fittings.
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