Old West Investment Management LLC Makes New $1.73 Million Investment in Atkore Inc. $ATKR

Old West Investment Management LLC acquired a new stake in Atkore Inc. (NYSE:ATKR) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 22,737 shares of the company’s stock, valued at approximately $1,729,000. Old West Investment Management LLC owned 0.07% of Atkore as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Global Retirement Partners LLC bought a new position in shares of Atkore during the second quarter worth approximately $28,000. Kestra Investment Management LLC boosted its stake in shares of Atkore by 710.9% in the second 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 period. Caitong International Asset Management Co. Ltd grew its position in Atkore by 1,263.2% during the third quarter. Caitong International Asset Management Co. Ltd now owns 518 shares of the company’s stock worth $32,000 after buying an additional 480 shares in the last quarter. Strs Ohio acquired a new stake in Atkore during the first quarter worth approximately $36,000. Finally, Jones Financial Companies Lllp increased its stake in 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 acquiring an additional 246 shares during the period.

Wall Street Analyst Weigh In

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

Atkore Stock Up 0.0%

Shares of ATKR opened at $93.81 on Monday. The firm has a 50 day simple moving average of $78.87 and a two-hundred day simple moving average of $72.37. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.73 and a quick ratio of 2.04. Atkore Inc. has a one year low of $53.75 and a one year high of $94.14. The company has a market cap of $3.17 billion, a P/E 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. During the same quarter last year, the business posted $2.17 EPS. Research analysts forecast that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors 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 dividend payout ratio (DPR) is -27.44%.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 300 shares of Atkore stock in a transaction dated 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 owned 35,803 shares in the company, valued at $3,356,531.25. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

About Atkore

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.