Man Group plc Buys New Position in Atkore Inc. $ATKR

Man Group plc bought a new stake in Atkore Inc. (NYSE:ATKR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 98,582 shares of the company’s stock, valued at approximately $7,496,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers grew its holdings in shares of Atkore by 2.8% in the first quarter. Cetera Investment Advisers now owns 5,212 shares of the company’s stock valued at $307,000 after purchasing an additional 143 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Atkore by 0.7% in the second quarter. California State Teachers Retirement System now owns 33,067 shares of the company’s stock worth $2,333,000 after acquiring an additional 214 shares in the last quarter. Adams Wealth Management increased its position in shares of Atkore by 0.5% during the fourth quarter. Adams Wealth Management now owns 40,726 shares of the company’s stock worth $2,576,000 after acquiring an additional 220 shares during the period. Osaic Holdings Inc. boosted its holdings in Atkore by 15.4% in the second quarter. Osaic Holdings Inc. now owns 1,794 shares of the company’s stock valued at $127,000 after purchasing an additional 240 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in shares of Atkore by 61.8% in 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 Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 300 shares of the firm’s 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 transaction, the insider directly owned 35,803 shares in the company, valued at approximately $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Atkore Stock Performance

Shares of ATKR stock opened at $93.67 on Friday. The stock’s 50-day moving average is $81.75 and its two-hundred day moving average is $74.07. 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 1 year low of $53.75 and a 1 year high of $94.14. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68.

Atkore (NYSE:ATKR) last posted its earnings results on Monday, August 3rd. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.39. The business 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 period in the previous year, the business earned $2.17 EPS. Analysts predict that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were paid a $0.33 dividend. 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 payout ratio is currently -27.44%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wall Street Zen raised shares of 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 report on Wednesday, August 12th. Roth Capital cut shares of Atkore from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $85.00 to $92.00 in a research report on Tuesday, August 4th. Citigroup boosted 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. Finally, Royal Bank Of Canada set a $76.00 price target on Atkore in a research note on Thursday, July 16th. 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 stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.