Legal & General Group Plc Invests $2.52 Million in Atkore Inc. $ATKR

Legal & General Group Plc acquired a new stake in Atkore Inc. (NYSE:ATKR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 33,144 shares of the company’s stock, valued at approximately $2,520,000.

Several other hedge funds have also added to or reduced their stakes in ATKR. Cetera Investment Advisers grew its stake in Atkore by 2.8% in the first quarter. Cetera Investment Advisers now owns 5,212 shares of the company’s stock valued at $307,000 after acquiring an additional 143 shares during the period. California State Teachers Retirement System raised its position in shares of Atkore by 0.7% during the second quarter. California State Teachers Retirement System now owns 33,067 shares of the company’s stock worth $2,333,000 after purchasing an additional 214 shares during the period. Adams Wealth Management raised its position in shares of Atkore by 0.5% during the fourth quarter. Adams Wealth Management now owns 40,726 shares of the company’s stock worth $2,576,000 after purchasing an additional 220 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Atkore by 15.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,794 shares of the company’s stock valued at $127,000 after purchasing an additional 240 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings 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 purchasing an additional 246 shares in the last quarter.

Atkore Price Performance

ATKR stock opened at $93.77 on Friday. The stock has a 50-day moving average price of $83.21 and a two-hundred day moving average price of $75.01. Atkore Inc. has a 1 year low of $53.75 and a 1 year high of $94.14. The stock has a market cap of $3.17 billion, a PE ratio of -19.49 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 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The company had revenue of $794.80 million for the quarter, compared to analyst estimates of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same period in the previous year, the company posted $2.17 earnings per share. Equities analysts forecast that Atkore Inc. will post 5.15 EPS for the current fiscal year.

Atkore Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ATKR shares. Royal Bank Of Canada set a $76.00 target price on Atkore in a research note on Thursday, July 16th. Weiss Ratings raised shares of Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Roth Capital lowered shares of Atkore from a “buy” rating to a “neutral” rating and lifted their price target for the company from $85.00 to $92.00 in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Atkore currently has a consensus rating of “Hold” and an average target price of $143.33.

Insider Buying and Selling

In other Atkore news, insider Mark Lamps sold 300 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was 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. The trade was a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.