Meritage Portfolio Management Makes New $219,000 Investment in Atkore Inc. (NYSE:ATKR)


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Meritage Portfolio Management acquired a new stake in Atkore Inc. (NYSE:ATKR) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,050 shares of the company’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Nisa Investment Advisors LLC acquired a new position in Atkore during the first quarter worth about $36,000. US Bancorp DE raised its position in shares of Atkore by 38.2% in the fourth quarter. US Bancorp DE now owns 1,971 shares of the company’s stock valued at $81,000 after buying an additional 545 shares during the last quarter. IndexIQ Advisors LLC grew its holdings in Atkore by 11.5% in the fourth quarter. IndexIQ Advisors LLC now owns 9,940 shares of the company’s stock valued at $409,000 after purchasing an additional 1,026 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Atkore by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 28,180 shares of the company’s stock valued at $1,158,000 after purchasing an additional 1,126 shares during the period. Finally, Strs Ohio purchased a new stake in Atkore during the first quarter worth approximately $107,000. Institutional investors own 97.38% of the company’s stock.

In related news, VP Daniel S. Kelly sold 1,500 shares of the stock in a transaction that occurred on Tuesday, March 9th. The shares were sold at an average price of $72.58, for a total transaction of $108,870.00. 1.72% of the stock is currently owned by insiders.

Several research firms recently issued reports on ATKR. CJS Securities began coverage on shares of Atkore in a report on Thursday, March 18th. They issued an “outperform” rating and a $90.00 price target on the stock. Royal Bank of Canada upped their price target on shares of Atkore from $52.00 to $67.00 and gave the company an “outperform” rating in a report on Wednesday, February 3rd. Finally, Credit Suisse Group upped their target price on Atkore from $54.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, February 3rd. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $61.00.

ATKR opened at $83.58 on Tuesday. The stock’s 50 day moving average price is $73.15 and its 200 day moving average price is $51.76. The company has a debt-to-equity ratio of 2.12, a current ratio of 3.00 and a quick ratio of 2.28. The stock has a market cap of $3.90 billion, a P/E ratio of 26.87 and a beta of 2.47. Atkore Inc. has a 12 month low of $20.25 and a 12 month high of $85.36.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Wednesday, April 28th. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.96. The company had revenue of $639.50 million for the quarter, compared to analyst estimates of $556.80 million. Atkore had a return on equity of 47.96% and a net margin of 8.63%. The company’s quarterly revenue was up 40.4% compared to the same quarter last year. During the same period last year, the company earned $0.99 earnings per share.

Atkore Company Profile

Atkore 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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Institutional Ownership by Quarter for Atkore (NYSE:ATKR)

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