Ewing Morris & Co. Investment Partners Ltd. Takes Position in Atkore Inc. $ATKR

Ewing Morris & Co. Investment Partners Ltd. bought a new position in shares of Atkore Inc. (NYSE:ATKR) in the second quarter, Holdings Channel reports. The institutional investor bought 6,000 shares of the company’s stock, valued at approximately $456,000.

Several other hedge funds have also recently modified their holdings of ATKR. Global Retirement Partners LLC purchased a new position in Atkore in the 2nd quarter valued at about $28,000. Kestra Investment Management LLC increased its stake in Atkore by 710.9% during the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after buying an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Atkore by 1,263.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after buying an additional 480 shares in the last quarter. Strs Ohio acquired a new position in shares of Atkore during the first quarter valued at approximately $36,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Atkore by 61.8% during the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after acquiring an additional 246 shares during the last quarter.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 300 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the transaction, the insider owned 35,803 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

Atkore Stock Up 0.0%

ATKR stock opened at $93.66 on Thursday. The company has a market cap of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. Atkore Inc. has a 12 month low of $53.75 and a 12 month high of $94.14. The firm has a 50-day moving average of $82.61 and a two-hundred day moving average of $74.69.

Atkore (NYSE:ATKR) last released its earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.39. The business had revenue of $794.80 million for 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 company posted $2.17 EPS. As a group, analysts forecast that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.