PDT Partners LLC Takes Position in Atkore Inc. $ATKR

PDT Partners LLC purchased a new stake in shares of Atkore Inc. (NYSE:ATKR) during the 2nd quarter, Holdings Channel reports. The fund purchased 191,253 shares of the company’s stock, valued at approximately $14,543,000. Atkore makes up 0.8% of PDT Partners LLC’s holdings, making the stock its 23rd largest position.

Several other hedge funds have also recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in Atkore during the 2nd quarter valued at about $28,000. Kestra Investment Management LLC lifted its position in shares of Atkore by 710.9% in the second quarter. Kestra Investment Management LLC now owns 446 shares of the company’s stock worth $31,000 after purchasing an additional 391 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position 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 worth $32,000 after purchasing an additional 480 shares in the last quarter. Strs Ohio purchased a new position in Atkore during the first quarter valued at approximately $36,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Atkore by 61.8% during 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.

Atkore Stock Up 0.2%

Shares of ATKR stock opened at $93.67 on Wednesday. The stock’s 50 day simple moving average is $80.90 and its 200 day simple moving average is $73.55. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.04 and a current ratio of 2.73. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -19.47 and a beta of 1.68.

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

Atkore Dividend Announcement

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

Insider Activity

In related news, insider Mark F. Lamps sold 300 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly owned 35,803 shares of the company’s stock, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

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