Meeder Asset Management Inc. Acquires Shares of 7,874 Atkore Inc. $ATKR

Meeder Asset Management Inc. bought a new stake in shares of Atkore Inc. (NYSE:ATKR) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,874 shares of the company’s stock, valued at approximately $599,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in Atkore during the second quarter valued at about $28,000. Kestra Investment Management LLC boosted its stake in Atkore by 710.9% in the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after acquiring an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Atkore by 1,263.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after acquiring an additional 480 shares during the last quarter. Strs Ohio bought a new position in shares of Atkore during the 1st quarter valued at approximately $36,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Atkore by 61.8% during the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the last quarter.

Atkore Stock Down 0.3%

ATKR stock opened at $93.47 on Wednesday. The stock has a 50-day simple moving average of $79.40 and a two-hundred day simple moving average of $72.71. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14. The firm has a market capitalization of $3.16 billion, a PE ratio of -19.43 and a beta of 1.68. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The company had revenue of $794.80 million during the quarter, compared to analyst estimates of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same period last year, the business earned $2.17 earnings per share. On average, equities analysts predict that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore’s dividend payout ratio is presently -27.44%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Weiss Ratings upgraded Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $92.00 in a research note on Tuesday, August 4th. Citigroup upped their price objective on shares of Atkore from $74.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research report on Thursday, July 16th. Finally, Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Atkore currently has an average rating of “Hold” and a consensus target price of $143.33.

Insider Activity

In related news, insider Mark F. Lamps sold 300 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider directly owned 35,803 shares in the company, valued at $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

About Atkore

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.