Magnetar Financial LLC Buys New Shares in Atkore Inc. (NYSE:ATKR)

Magnetar Financial LLC bought a new stake in Atkore Inc. (NYSE:ATKR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,709 shares of the company’s stock, valued at approximately $4,278,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. ICA Group Wealth Management LLC bought a new stake in shares of Atkore during the fourth quarter worth about $25,000. LifeSteps Financial Inc. bought a new position in shares of Atkore in the 1st quarter worth $33,000. Mather Group LLC. increased its holdings in shares of Atkore by 895.7% in the 2nd quarter. Mather Group LLC. now owns 468 shares of the company’s stock worth $63,000 after buying an additional 421 shares during the last quarter. Quest Partners LLC bought a new position in shares of Atkore in the 4th quarter worth $86,000. Finally, Headlands Technologies LLC grew its holdings in shares of Atkore by 829.9% during the 2nd quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock valued at $122,000 after purchasing an additional 805 shares during the last quarter.

Atkore Stock Performance

Atkore stock opened at $87.02 on Monday. The company has a market cap of $3.17 billion, a PE ratio of 5.43 and a beta of 2.14. Atkore Inc. has a twelve month low of $80.11 and a twelve month high of $194.98. The company’s 50-day moving average price is $106.42 and its 200-day moving average price is $141.15. The company has a quick ratio of 2.03, a current ratio of 3.26 and a debt-to-equity ratio of 0.49.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.28. The company had revenue of $822.40 million during the quarter, compared to analyst estimates of $830.16 million. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.13 earnings per share. On average, equities research analysts forecast that Atkore Inc. will post 12.69 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.28 annualized dividend and a yield of 1.47%. Atkore’s dividend payout ratio is presently 7.98%.

Analyst Ratings Changes

ATKR has been the subject of several analyst reports. KeyCorp dropped their price target on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada cut shares of Atkore from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Loop Capital decreased their price target on shares of Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday. Finally, B. Riley reduced their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $131.60.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.56% of the company’s stock.

About Atkore

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.