Kerrisdale Advisers LLC Sells 8,230 Shares of Atkore Inc. $ATKR

Kerrisdale Advisers LLC decreased its holdings in shares of Atkore Inc. (NYSE:ATKR) by 29.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,844 shares of the company’s stock after selling 8,230 shares during the quarter. Kerrisdale Advisers LLC owned about 0.06% of Atkore worth $1,509,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Retirement Partners LLC bought a new stake in shares of Atkore during the 2nd quarter valued at $28,000. Kestra Investment Management LLC increased its holdings 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 purchasing an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings 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 purchasing an additional 480 shares during the last quarter. Strs Ohio acquired a new position in Atkore in the first quarter valued at about $36,000. Finally, Jones Financial Companies Lllp boosted its holdings in Atkore by 61.8% during the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after buying an additional 246 shares during the last quarter.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 300 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.75, for a total value of $28,125.00. Following the transaction, the insider directly owned 35,803 shares in the company, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

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

Atkore Price Performance

Atkore stock opened at $93.67 on Monday. Atkore Inc. has a 12 month low of $53.75 and a 12 month high of $94.14. The stock’s 50 day moving average is $81.75 and its 200-day moving average is $74.12. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.39. The business had revenue of $794.80 million during the quarter, compared to analysts’ expectations of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same period last year, the firm posted $2.17 EPS. Equities research analysts expect that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Dividend Announcement

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

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.