Hsbc Holdings PLC Purchases Shares of 29,846 Atkore Inc. $ATKR

Hsbc Holdings PLC acquired a new stake in Atkore Inc. (NYSE:ATKR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 29,846 shares of the company’s stock, valued at approximately $2,254,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ATKR. Global Retirement Partners LLC acquired a new position in Atkore in the second quarter worth about $28,000. Kestra Investment Management LLC grew its stake in shares of Atkore by 710.9% in the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after purchasing an additional 391 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Atkore by 1,263.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after purchasing an additional 480 shares during the period. Strs Ohio acquired a new position in shares of Atkore in the 1st quarter worth approximately $36,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Atkore by 61.8% in the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after buying an additional 246 shares in the last quarter.

Analyst Upgrades and Downgrades

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

Atkore Stock Performance

Shares of NYSE:ATKR opened at $93.67 on Monday. The business has a fifty day moving average of $81.75 and a 200-day moving average of $74.12. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14. The firm has a market cap of $3.16 billion, a PE ratio of -19.47 and a beta of 1.68.

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

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 18th. Atkore’s dividend payout ratio is presently -27.44%.

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 300 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $93.75, for a total transaction of $28,125.00. Following the sale, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is owned by company insiders.

Atkore Profile

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.