Norges Bank Makes New $42.34 Million Investment in Atkore Inc. (NYSE:ATKR)

Norges Bank acquired a new position in Atkore Inc. (NYSE:ATKR) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 507,355 shares of the company’s stock, valued at approximately $42,339,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ATKR. Jones Financial Companies Lllp grew its position in Atkore by 87.7% in the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Quarry LP grew its position in Atkore by 48.8% during the third quarter. Quarry LP now owns 634 shares of the company’s stock worth $54,000 after buying an additional 208 shares in the last quarter. Pacer Advisors Inc. increased its stake in Atkore by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company’s stock valued at $70,000 after acquiring an additional 195 shares during the period. Harbour Investments Inc. increased its stake in Atkore by 3,333.3% during the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares during the period. Finally, KBC Group NV raised its holdings in Atkore by 47.7% in the 4th quarter. KBC Group NV now owns 1,452 shares of the company’s stock valued at $121,000 after acquiring an additional 469 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Loop Capital cut Atkore from a “buy” rating to a “hold” rating and lowered their price objective for the company from $115.00 to $65.00 in a research report on Monday, February 10th. Roth Mkm started coverage on shares of Atkore in a research note on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price objective for the company. KeyCorp lowered their target price on shares of Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.17.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the sale, the insider now owns 33,760 shares of the company’s stock, valued at $2,194,400. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.99% of the stock is owned by corporate insiders.

Atkore Price Performance

NYSE:ATKR opened at $53.90 on Friday. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.87 billion, a PE ratio of 5.22 and a beta of 2.02. Atkore Inc. has a 12 month low of $50.44 and a 12 month high of $185.87. The company’s 50-day moving average price is $66.40 and its two-hundred day moving average price is $79.99.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.05 by $0.45. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The business had revenue of $661.60 million for the quarter, compared to the consensus estimate of $680.77 million. During the same period in the previous year, the business earned $4.12 EPS. Atkore’s revenue was down 17.1% compared to the same quarter last year. On average, equities analysts anticipate that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.37%. Atkore’s dividend payout ratio is 12.39%.

Atkore Company 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.