Hedeker Wealth LLC Grows Stake in Atkore Inc. (NYSE:ATKR)

Hedeker Wealth LLC increased its holdings in shares of Atkore Inc. (NYSE:ATKR) by 29.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,691 shares of the company’s stock after purchasing an additional 2,683 shares during the quarter. Hedeker Wealth LLC’s holdings in Atkore were worth $1,577,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Partners boosted its holdings in shares of Atkore by 98.9% in the 4th quarter. Boston Partners now owns 1,197,025 shares of the company’s stock valued at $191,329,000 after buying an additional 595,115 shares in the last quarter. Norges Bank purchased a new position in shares of Atkore during the fourth quarter worth about $68,109,000. Hood River Capital Management LLC acquired a new stake in shares of Atkore during the first quarter worth about $63,900,000. Swedbank AB purchased a new stake in shares of Atkore in the 1st quarter valued at about $47,591,000. Finally, Boston Trust Walden Corp purchased a new stake in shares of Atkore in the 2nd quarter valued at about $23,306,000.

Atkore Price Performance

Atkore stock traded up $1.55 during trading hours on Friday, hitting $95.59. The stock had a trading volume of 981,167 shares, compared to its average volume of 616,621. Atkore Inc. has a 1-year low of $91.31 and a 1-year high of $194.98. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 5.96 and a beta of 2.15. The stock’s fifty day moving average is $129.03 and its two-hundred day moving average is $152.11. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.09 and a quick ratio of 1.98.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.52 by $0.28. The firm had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $5.13 EPS. As a group, analysts predict that Atkore Inc. will post 14.93 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.34%. Atkore’s dividend payout ratio (DPR) is 7.98%.

Insider Activity

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total value of $47,735.00. Following the transaction, the insider now directly owns 28,086 shares in the company, valued at approximately $2,681,370.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Atkore news, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the sale, the director now directly owns 15,695 shares of the company’s stock, valued at approximately $2,404,944.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the sale, the insider now owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The disclosure for this sale can be found here. Company insiders own 2.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on ATKR shares. Royal Bank of Canada downgraded shares of Atkore from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. StockNews.com cut Atkore from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. B. Riley decreased their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Citigroup dropped 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. Finally, KeyCorp reduced their price objective on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $137.00.

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.