Oppenheimer Asset Management Inc. Takes Position in Atkore Inc. $ATKR

Oppenheimer Asset Management Inc. purchased a new stake in Atkore Inc. (NYSE:ATKR) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,010 shares of the company’s stock, valued at approximately $2,966,000. Oppenheimer Asset Management Inc. owned 0.12% of Atkore at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its holdings 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Atkore by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 116,830 shares of the company’s stock worth $7,009,000 after purchasing an additional 16,028 shares during the period. Intech Investment Management LLC raised its stake in Atkore by 59.7% in the first quarter. Intech Investment Management LLC now owns 29,363 shares of the company’s stock valued at $1,761,000 after purchasing an additional 10,972 shares in the last quarter. Strs Ohio acquired a new position in Atkore in the first quarter valued at about $36,000. Finally, Norges Bank bought a new stake in Atkore during the second quarter worth about $467,000.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded 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 price target on shares of Atkore in a report on Thursday, July 16th. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday. Roth Capital cut shares of Atkore from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Citigroup lifted their price objective on shares of Atkore from $74.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. 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 company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $143.33.

Atkore Stock Performance

NYSE:ATKR opened at $93.81 on Friday. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14. The company has a quick ratio of 2.04, a current ratio of 2.73 and a debt-to-equity ratio of 0.59. The stock’s 50-day simple moving average is $78.87 and its 200 day simple moving average is $72.37. The firm has a market capitalization of $3.17 billion, a PE ratio of -19.50 and a beta of 1.68.

Atkore (NYSE:ATKR) last issued its earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.53 by $0.39. The firm had revenue of $794.80 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $2.17 earnings per share. On average, analysts anticipate that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

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

Insider Transactions at Atkore

In related 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 value of $28,125.00. Following the completion of the transaction, the insider owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by corporate 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.