Argent Capital Management LLC Boosts Stock Position in Atkore Inc. (NYSE:ATKR)

Argent Capital Management LLC boosted its holdings in shares of Atkore Inc. (NYSE:ATKR) by 50.9% during the second quarter, according to the company in its most recent disclosure with the Securities & 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 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ATKR. Duality Advisers LP raised its position in Atkore by 8.6% during the fourth quarter. Duality Advisers LP now owns 3,850 shares of the company’s stock valued at $616,000 after purchasing an additional 304 shares during the period. New York State Common Retirement Fund raised its holdings in Atkore by 7.2% during the 4th quarter. New York State Common Retirement Fund now owns 57,012 shares of the company’s stock valued at $9,122,000 after buying an additional 3,822 shares during the period. Linden Thomas Advisory Services LLC lifted its position in Atkore by 6.3% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 2,347 shares of the company’s stock worth $376,000 after buying an additional 139 shares during the last quarter. GAMMA Investing LLC purchased a new position in Atkore during the fourth quarter worth $26,000. Finally, Meritage Portfolio Management boosted its stake in Atkore by 5.7% during the fourth quarter. Meritage Portfolio Management now owns 7,061 shares of the company’s stock worth $1,130,000 after buying an additional 379 shares during the period.

Atkore Price Performance

NYSE ATKR opened at $102.75 on Friday. The company has a market cap of $3.74 billion, a PE ratio of 6.41 and a beta of 2.15. The firm’s 50 day moving average price is $124.75 and its 200-day moving average price is $150.39. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.98 and a current ratio of 3.09. Atkore Inc. has a 52-week low of $91.31 and a 52-week high of $194.98.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.28. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The business had revenue of $822.40 million for the quarter, compared to analysts’ expectations of $830.16 million. During the same quarter last year, the firm earned $5.13 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. Sell-side analysts forecast that Atkore Inc. will post 14.93 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be paid a $0.32 dividend. 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 dividend payout ratio (DPR) is presently 7.98%.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total value of $47,735.00. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction on Monday, August 12th. The shares were 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 $2,681,370.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Wilbert W. James, Jr. sold 599 shares of the business’s 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 sale, the director now owns 15,695 shares in the company, valued at approximately $2,404,944.85. The disclosure for this sale can be found here. 2.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ATKR has been the subject of several analyst reports. KeyCorp lowered their target price on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. StockNews.com downgraded shares of Atkore from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Royal Bank of Canada cut Atkore from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. B. Riley decreased their target price on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Citigroup cut their price target on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Atkore has a consensus rating of “Hold” and a consensus price target of $137.00.

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.