Hedeker Wealth LLC Invests $1.72 Million in Atkore Inc. (NYSE:ATKR)

Hedeker Wealth LLC purchased a new position in shares of Atkore Inc. (NYSE:ATKR) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 9,008 shares of the company’s stock, valued at approximately $1,715,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Atkore by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 200,175 shares of the company’s stock worth $32,028,000 after purchasing an additional 3,036 shares in the last quarter. Teza Capital Management LLC raised its stake in shares of Atkore by 9.2% during the 3rd quarter. Teza Capital Management LLC now owns 1,446 shares of the company’s stock worth $216,000 after purchasing an additional 122 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake 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 worth $100,707,000 after purchasing an additional 12,189 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Atkore by 121.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 243,695 shares of the company’s stock worth $38,991,000 after purchasing an additional 133,622 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Atkore by 3.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 564,384 shares of the company’s stock worth $90,301,000 after purchasing an additional 19,876 shares in the last quarter.

Atkore Stock Performance

Shares of NYSE:ATKR traded up $2.43 during trading on Wednesday, hitting $133.43. 18,853 shares of the stock were exchanged, compared to its average volume of 514,833. Atkore Inc. has a 1-year low of $121.00 and a 1-year high of $194.98. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 8.17 and a beta of 2.15. The company’s fifty day simple moving average is $151.35 and its 200-day simple moving average is $159.16. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.98 and a current ratio of 3.09.

Atkore (NYSE:ATKR) last announced 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. The company had revenue of $792.90 million for the quarter, compared to analyst estimates of $808.22 million. Atkore had a return on equity of 43.19% and a net margin of 18.30%. Atkore’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.31 EPS. Sell-side analysts expect that Atkore Inc. will post 14.93 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Tuesday, May 21st were given a dividend of $0.32 per share. The ex-dividend date was Monday, May 20th. This represents a $1.28 annualized dividend and a dividend yield of 0.96%. Atkore’s dividend payout ratio (DPR) is presently 7.98%.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of brokerages recently weighed in on ATKR. StockNews.com downgraded Atkore from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $187.00 target price on shares of Atkore in a report on Friday, March 22nd. Finally, Citigroup lowered their target price on Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th.

Atkore Profile

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.