Argent Capital Management LLC Grows Stock Holdings in Atkore Inc. (NYSE:ATKR)

Argent Capital Management LLC lifted its position in Atkore Inc. (NYSE:ATKR) by 50.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,088 shares of the company’s stock after purchasing an additional 704 shares during the quarter. Argent Capital Management LLC’s holdings in Atkore were worth $282,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. SummerHaven Investment Management LLC grew its holdings in shares of Atkore by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock valued at $667,000 after purchasing an additional 99 shares during the last quarter. Dakota Wealth Management purchased a new stake in Atkore during the second quarter valued at about $865,000. Riverwater Partners LLC grew its stake in shares of Atkore by 1.1% during the second quarter. Riverwater Partners LLC now owns 14,310 shares of the company’s stock valued at $1,931,000 after buying an additional 159 shares during the last quarter. Demars Financial Group LLC purchased a new position in shares of Atkore in the second quarter worth about $2,782,000. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in shares of Atkore in the 2nd quarter valued at about $17,857,000.

Atkore Stock Performance

Shares of ATKR stock opened at $102.75 on Friday. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 6.41 and a beta of 2.15. The stock has a fifty day moving average of $124.75 and a 200 day moving average of $150.39. Atkore Inc. has a 52 week low of $91.31 and a 52 week high of $194.98. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49.

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

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.25%. Atkore’s payout ratio is 7.98%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. B. Riley reduced their price target on Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. KeyCorp decreased their target price on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. StockNews.com lowered shares of Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Royal Bank of Canada lowered shares of Atkore from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $175.00 to $100.00 in a report on Wednesday, August 7th. Finally, Citigroup lowered their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.00.

Insiders Place Their Bets

In related news, Director Wilbert W. James, Jr. sold 599 shares of Atkore stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the sale, the director now directly owns 15,695 shares in the company, valued at $2,404,944.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Wilbert W. James, Jr. sold 599 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the transaction, the director now directly owns 15,695 shares in the company, valued at approximately $2,404,944.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $47,735.00. Following the transaction, the insider now directly owns 28,086 shares of the company’s stock, valued at $2,681,370.42. The disclosure for this sale can be found here. Company insiders own 2.56% of the company’s stock.

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.