Hsbc Holdings PLC Acquires New Shares in Atkore Inc. $ATKR

Hsbc Holdings PLC acquired a new position in Atkore Inc. (NYSE:ATKR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,846 shares of the company’s stock, valued at approximately $2,254,000. Hsbc Holdings PLC owned approximately 0.09% of Atkore at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ATKR. BlackRock Inc. bought a new stake in shares of Atkore during the 2nd quarter worth about $236,958,000. First Trust Advisors LP raised its position in shares of Atkore by 18.7% in the fourth quarter. First Trust Advisors LP now owns 1,385,741 shares of the company’s stock valued at $87,648,000 after purchasing an additional 218,358 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Atkore by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,227,991 shares of the company’s stock valued at $72,341,000 after purchasing an additional 97,514 shares during the period. LSV Asset Management lifted its stake in shares of Atkore by 5.8% in the fourth quarter. LSV Asset Management now owns 960,450 shares of the company’s stock worth $60,748,000 after buying an additional 52,850 shares during the last quarter. Finally, Coliseum Capital Management LLC bought a new stake in shares of Atkore during the 4th quarter worth $51,189,000.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a research note on Sunday, July 26th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research report on Thursday, July 16th. Roth Capital cut shares of Atkore from a “buy” rating to a “neutral” rating and upped their price target for the company 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 report on Wednesday, August 12th. Finally, Citigroup lifted their price objective on Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $143.33.

Atkore Trading Up 0.1%

Shares of ATKR stock opened at $93.67 on Monday. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.14. The firm’s fifty day simple moving average is $81.75 and its 200 day simple moving average is $74.12. The firm has a market capitalization of $3.16 billion, a P/E ratio of -19.47 and a beta of 1.68. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59.

Atkore (NYSE:ATKR) last issued its quarterly 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. The firm had revenue of $794.80 million during the quarter, compared to the consensus estimate of $756.23 million. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. During the same period in the prior year, the firm earned $2.17 EPS. As a group, sell-side analysts predict that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 18th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 18th. Atkore’s dividend payout ratio (DPR) is presently -27.44%.

Insiders Place Their Bets

In related 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 transaction of $28,125.00. Following the sale, the insider directly owned 35,803 shares of the company’s stock, valued at $3,356,531.25. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is currently owned by company insiders.

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.