Royal Bank of Canada Has $781,000 Stake in Atkore Inc. $ATKR

Royal Bank of Canada reduced its stake in shares of Atkore Inc. (NYSE:ATKR) by 32.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,289 shares of the company’s stock after selling 6,268 shares during the period. Royal Bank of Canada’s holdings in Atkore were worth $781,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kestra Investment Management LLC grew its position in shares of Atkore by 710.9% in the 2nd quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock valued at $31,000 after buying an additional 391 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Atkore by 1,263.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock valued at $32,000 after buying an additional 480 shares during the period. Strs Ohio acquired a new stake in shares of Atkore in the first quarter valued at about $36,000. Jones Financial Companies Lllp raised its position in shares of Atkore by 61.8% during the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock worth $39,000 after acquiring an additional 246 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Atkore during the fourth quarter worth about $77,000.

Wall Street Analyst Weigh In

ATKR has been the topic of several analyst reports. Citigroup upped their target price on Atkore from $74.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a research report on Thursday, July 16th. Roth Capital lowered shares of Atkore from a “buy” rating to a “neutral” rating and upped their price objective for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Atkore presently has an average rating of “Hold” and an average target price of $143.33.

Atkore Stock Performance

ATKR stock opened at $93.62 on Friday. The stock has a 50-day moving average price of $80.32 and a 200-day moving average price of $73.19. Atkore Inc. has a 1-year low of $53.75 and a 1-year high of $94.14. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The firm has a market cap of $3.16 billion, a PE ratio of -19.46 and a beta of 1.68.

Atkore (NYSE:ATKR) last announced its earnings results on Monday, August 3rd. The company reported $1.92 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $756.23 million. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, equities research analysts expect that Atkore Inc. will post 5.15 earnings per share for the current year.

Atkore Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.32 annualized dividend and a yield of 1.4%. Atkore’s payout ratio is -27.44%.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 300 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $93.75, for a total value of $28,125.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

Atkore Company 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.