Chou Associates Management Inc. Takes Position in Atkore Inc. $ATKR

Chou Associates Management Inc. bought a new stake in shares of Atkore Inc. (NYSE:ATKR) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 8,400 shares of the company’s stock, valued at approximately $639,000. Atkore accounts for 0.3% of Chou Associates Management Inc.’s holdings, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Atkore in the second quarter valued at approximately $236,958,000. Coliseum Capital Management LLC acquired a new position in shares of Atkore during the fourth quarter worth $51,189,000. Earnest Partners LLC acquired a new position in shares of Atkore during the fourth quarter worth $49,571,000. Oslo Pensjonsforsikring AS purchased a new position in shares of Atkore in the first quarter valued at $22,209,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Atkore during the 3rd quarter valued at $21,214,000.

Atkore Stock Up 0.1%

ATKR stock opened at $93.62 on Friday. 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 50 day simple moving average of $80.32 and a 200-day simple moving average of $73.19. The company has a market capitalization of $3.16 billion, a P/E ratio of -19.46 and a beta of 1.68. Atkore Inc. has a twelve month low of $53.75 and a twelve month high of $94.14.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.39. Atkore had a negative net margin of 5.55% and a positive return on equity of 10.27%. The firm had revenue of $794.80 million for the quarter, compared to analysts’ expectations of $756.23 million. During the same period in the prior year, the company posted $2.17 earnings per share. On average, equities research analysts predict that Atkore Inc. will post 5.15 earnings per share for the current fiscal year.

Atkore Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ATKR. Royal Bank Of Canada set a $76.00 price target on shares of Atkore in a research note on Thursday, July 16th. Weiss Ratings upgraded Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Citigroup boosted their price target on Atkore from $74.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Finally, Roth Capital cut Atkore from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $85.00 to $92.00 in a research note on Tuesday, August 4th. 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $143.33.

Insider Activity

In other news, insider Mark F. Lamps sold 300 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $93.75, for a total value of $28,125.00. Following the sale, the insider owned 35,803 shares in the company, valued at approximately $3,356,531.25. This represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

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.