Swedbank AB Increases Position in Atkore Inc. (NYSE:ATKR)

Swedbank AB lifted its holdings in Atkore Inc. (NYSE:ATKR) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 250,591 shares of the company’s stock after buying an additional 585 shares during the period. Swedbank AB owned approximately 0.69% of Atkore worth $33,812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ATKR. Boston Partners raised its holdings in Atkore by 98.9% during the 4th quarter. Boston Partners now owns 1,197,025 shares of the company’s stock valued at $191,329,000 after acquiring an additional 595,115 shares during the period. Norges Bank bought a new stake in Atkore during the 4th quarter valued at $68,109,000. Hood River Capital Management LLC bought a new stake in Atkore during the 1st quarter valued at $63,900,000. Clearbridge Investments LLC raised its holdings in Atkore by 48.4% during the 1st quarter. Clearbridge Investments LLC now owns 514,908 shares of the company’s stock valued at $98,018,000 after acquiring an additional 168,042 shares during the period. Finally, Balyasny Asset Management L.P. raised its holdings in Atkore by 121.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 243,695 shares of the company’s stock valued at $38,991,000 after acquiring an additional 133,622 shares during the period.

Insider Buying and Selling at Atkore

In other Atkore news, Director Wilbert W. James, Jr. sold 599 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $153.23, for a total transaction of $91,784.77. Following the completion of the sale, the director now directly owns 15,695 shares in the company, valued at $2,404,944.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Mark F. Lamps sold 500 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares in the company, valued at $2,681,370.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the sale, the director now owns 15,695 shares of the company’s stock, valued at $2,404,944.85. The disclosure for this sale can be found here. Company insiders own 2.56% of the company’s stock.

Wall Street Analysts Forecast Growth

ATKR has been the topic of a number of analyst reports. B. Riley lowered their target price on shares of Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Citigroup lowered their target price on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Royal Bank of Canada cut shares of Atkore from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $175.00 to $100.00 in a report on Wednesday, August 7th. KeyCorp decreased their price target on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, StockNews.com cut shares of Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $137.00.

Atkore Price Performance

ATKR traded up $1.62 during trading on Friday, reaching $95.66. The stock had a trading volume of 981,134 shares, compared to its average volume of 616,621. The stock has a market cap of $3.48 billion, a PE ratio of 5.87 and a beta of 2.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.98 and a current ratio of 3.09. Atkore Inc. has a one year low of $91.31 and a one year high of $194.98. The business has a 50-day moving average of $129.95 and a 200-day moving average of $152.57.

Atkore (NYSE:ATKR) last released its earnings results on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.52 by $0.28. The business had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.13 earnings per share. As a group, equities research analysts anticipate that Atkore Inc. will post 14.93 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.34%. Atkore’s payout ratio is 7.98%.

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.