The Manufacturers Life Insurance Company Purchases New Position in Atkore Inc. $ATKR

The Manufacturers Life Insurance Company acquired a new position in shares of Atkore Inc. (NYSE:ATKR) during the 2nd quarter, Holdings Channel reports. The fund acquired 17,293 shares of the company’s stock, valued at approximately $1,315,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers lifted its stake in shares of Atkore by 2.8% in the 1st quarter. Cetera Investment Advisers now owns 5,212 shares of the company’s stock valued at $307,000 after purchasing an additional 143 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Atkore by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 33,067 shares of the company’s stock valued at $2,333,000 after purchasing an additional 214 shares during the last quarter. Adams Wealth Management increased its position in shares of Atkore by 0.5% during the 4th quarter. Adams Wealth Management now owns 40,726 shares of the company’s stock valued at $2,576,000 after purchasing an additional 220 shares during the last quarter. Osaic Holdings Inc. raised its holdings in Atkore by 15.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,794 shares of the company’s stock valued at $127,000 after buying an additional 240 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in Atkore by 61.8% during the 1st quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after buying an additional 246 shares during the period.

Insider Activity

In other news, insider Mark Lamps sold 300 shares of the business’s stock in a transaction 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 completion of the sale, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ATKR. Roth Capital downgraded Atkore from a “buy” rating to a “neutral” rating and raised their price target for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a report on Thursday, July 16th. Finally, Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. One 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $143.33.

Atkore Trading Up 0.1%

Shares of NYSE ATKR opened at $93.77 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73. The business’s 50 day moving average price is $83.21 and its 200-day moving average price is $75.01. Atkore Inc. has a fifty-two week low of $53.75 and a fifty-two week high of $94.14. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -19.49 and a beta of 1.68.

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

Atkore Announces Dividend

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 dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 18th. Atkore’s dividend payout ratio (DPR) is -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.