DNB Asset Management AS Purchases Shares of 70,995 Atkore Inc. (NYSE:ATKR)

DNB Asset Management AS acquired a new position in shares of Atkore Inc. (NYSE:ATKR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 70,995 shares of the company’s stock, valued at approximately $9,585,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ATKR. SG Americas Securities LLC purchased a new position in Atkore during the 4th quarter worth approximately $225,000. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Atkore by 29.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 2,058 shares of the company’s stock valued at $329,000 after acquiring an additional 467 shares in the last quarter. Stratos Wealth Advisors LLC grew its holdings in shares of Atkore by 9.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 8,178 shares of the company’s stock valued at $1,308,000 after acquiring an additional 732 shares in the last quarter. RFG Advisory LLC grew its holdings in shares of Atkore by 12.3% during the 4th quarter. RFG Advisory LLC now owns 1,987 shares of the company’s stock valued at $318,000 after acquiring an additional 218 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Atkore by 2.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock valued at $100,707,000 after acquiring an additional 12,189 shares in the last quarter.

Insider Activity at Atkore

In related news, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the transaction, the director now directly owns 15,695 shares in the company, valued at $2,404,944.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Atkore news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total value of $78,835.00. Following the sale, the insider now directly owns 28,586 shares in the company, valued at $4,507,154.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the completion of the sale, the director now owns 15,695 shares in the company, valued at $2,404,944.85. The disclosure for this sale can be found here. 2.56% of the stock is currently owned by company insiders.

Atkore Price Performance

NYSE:ATKR traded down $17.41 during mid-day trading on Tuesday, hitting $101.05. The company’s stock had a trading volume of 5,906,344 shares, compared to its average volume of 563,743. Atkore Inc. has a fifty-two week low of $99.03 and a fifty-two week high of $194.98. The company has a current ratio of 3.09, a quick ratio of 1.98 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 6.54 and a beta of 2.15. The stock has a fifty day moving average of $138.96 and a 200-day moving average of $156.08.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Monday, May 6th. The company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.86. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm had revenue of $792.90 million for the quarter, compared to analysts’ expectations of $808.22 million. During the same period in the prior year, the firm earned $4.31 earnings per share. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities analysts forecast that Atkore Inc. will post 14.93 EPS for the current fiscal year.

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.27%. Atkore’s dividend payout ratio is currently 7.98%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. KeyCorp started coverage on shares of Atkore in a report on Wednesday, July 10th. They set an “overweight” rating and a $175.00 price target on the stock. Citigroup decreased their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, StockNews.com cut shares of Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atkore presently has an average rating of “Moderate Buy” and an average target price of $184.00.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.