Canada Pension Plan Investment Board Raises Stake in Atkore Inc. (NYSE:ATKR)

Canada Pension Plan Investment Board lifted its position in shares of Atkore Inc. (NYSE:ATKR) by 1,572.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 135,500 shares of the company’s stock after buying an additional 127,400 shares during the period. Canada Pension Plan Investment Board owned 0.39% of Atkore worth $11,307,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ATKR. E. Ohman J or Asset Management AB lifted its stake in shares of Atkore by 55.2% during the 4th quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company’s stock worth $26,569,000 after purchasing an additional 113,263 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Atkore by 10.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock worth $111,467,000 after buying an additional 134,517 shares during the period. Barclays PLC boosted its stake in Atkore by 50.2% in the 3rd quarter. Barclays PLC now owns 70,736 shares of the company’s stock worth $5,994,000 after buying an additional 23,628 shares during the last quarter. Tidal Investments LLC grew its holdings in Atkore by 38.7% in the 3rd quarter. Tidal Investments LLC now owns 23,744 shares of the company’s stock valued at $2,012,000 after buying an additional 6,628 shares during the period. Finally, Swedbank AB increased its stake in shares of Atkore by 18.4% during the 4th quarter. Swedbank AB now owns 296,791 shares of the company’s stock valued at $24,767,000 after acquiring an additional 46,200 shares during the last quarter.

Insider Activity

In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total transaction of $32,500.00. Following the sale, the insider now directly owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.99% of the company’s stock.

Atkore Stock Performance

Shares of ATKR stock opened at $58.47 on Monday. The company’s fifty day simple moving average is $62.21 and its 200-day simple moving average is $77.54. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $185.42. The company has a market cap of $2.03 billion, a PE ratio of 5.66 and a beta of 2.02.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The company had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $680.77 million. During the same quarter in the previous year, the firm posted $4.12 earnings per share. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. As a group, equities research analysts anticipate that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.19%. Atkore’s payout ratio is currently 12.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Loop Capital cut shares of Atkore from a “buy” rating to a “hold” rating and decreased their target price for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Citigroup cut their price target on shares of Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Finally, KeyCorp lowered their price objective on shares of Atkore from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.17.

About Atkore

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.