Dark Forest Capital Management LP Grows Position in Atkore Inc. (NYSE:ATKR)

Dark Forest Capital Management LP grew its stake in shares of Atkore Inc. (NYSE:ATKR) by 38.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,762 shares of the company’s stock after purchasing an additional 2,731 shares during the period. Dark Forest Capital Management LP’s holdings in Atkore were worth $1,317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Hodges Capital Management Inc. acquired a new position in Atkore during the second quarter worth $4,158,000. Capital World Investors purchased a new position in Atkore during the 1st quarter valued at about $14,986,000. Sei Investments Co. increased its holdings in Atkore by 44.3% during the 1st quarter. Sei Investments Co. now owns 65,913 shares of the company’s stock valued at $12,547,000 after acquiring an additional 20,244 shares in the last quarter. Boston Trust Walden Corp purchased a new stake in shares of Atkore in the second quarter valued at about $23,306,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Atkore by 1.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 449,323 shares of the company’s stock valued at $85,535,000 after purchasing an additional 4,852 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ATKR shares. B. Riley cut their price objective on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada cut 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. KeyCorp decreased their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Finally, Loop Capital cut their target price on shares of Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $131.60.

Insider Buying and Selling

In other news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $2,681,370.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.56% of the stock is currently owned by company insiders.

Atkore Price Performance

ATKR stock opened at $83.96 on Thursday. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 5.23 and a beta of 2.14. 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 Inc. has a 52-week low of $80.11 and a 52-week high of $194.98. The stock’s fifty day simple moving average is $102.65 and its 200-day simple moving average is $139.57.

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

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.32 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.52%. Atkore’s payout ratio is 7.98%.

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.