JPMorgan Chase & Co. Boosts Holdings in Atkore Inc. $ATKR

JPMorgan Chase & Co. grew its position in shares of Atkore Inc. (NYSE:ATKR) by 109.2% in the second quarter, Holdings Channel reports. The institutional investor owned 535,162 shares of the company’s stock after buying an additional 279,385 shares during the period. JPMorgan Chase & Co.’s holdings in Atkore were worth $37,756,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gates Capital Management Inc. increased its stake in shares of Atkore by 25.2% during the first quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company’s stock worth $195,871,000 after acquiring an additional 657,707 shares during the period. American Century Companies Inc. increased its position in Atkore by 7.2% during the 1st quarter. American Century Companies Inc. now owns 840,505 shares of the company’s stock worth $50,422,000 after purchasing an additional 56,692 shares during the period. Wellington Management Group LLP raised its stake in shares of Atkore by 24.1% during the 1st quarter. Wellington Management Group LLP now owns 753,107 shares of the company’s stock worth $45,179,000 after buying an additional 146,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Atkore by 26.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 347,776 shares of the company’s stock valued at $20,863,000 after buying an additional 72,624 shares during the period. Finally, Orbis Allan Gray Ltd grew its holdings in Atkore by 27.5% during the first quarter. Orbis Allan Gray Ltd now owns 251,030 shares of the company’s stock worth $15,059,000 after acquiring an additional 54,100 shares during the period.

Insider Activity

In related news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $64.75, for a total value of $64,750.00. Following the sale, the insider owned 29,923 shares of the company’s stock, valued at approximately $1,937,514.25. This represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Roth Capital reduced their target price on Atkore from $67.00 to $65.00 and set a “buy” rating for the company in a report on Friday, November 21st. Weiss Ratings upgraded shares of Atkore from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, November 25th. Citigroup reduced their price objective on shares of Atkore from $66.00 to $64.00 and set a “neutral” rating for the company in a research note on Friday, November 21st. Finally, KeyCorp reissued a “sector weight” rating on shares of Atkore in a report on Friday, November 14th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Atkore presently has a consensus rating of “Hold” and an average price target of $74.00.

Atkore Trading Down 2.4%

NYSE:ATKR opened at $65.37 on Tuesday. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $95.72. The company has a quick ratio of 2.08, a current ratio of 3.09 and a debt-to-equity ratio of 0.52. The stock has a fifty day simple moving average of $65.11 and a 200-day simple moving average of $65.91. The company has a market capitalization of $2.20 billion, a PE ratio of 20.95 and a beta of 2.12.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Wednesday, November 19th. The company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.61). The business had revenue of $752.01 million during the quarter, compared to analyst estimates of $733.61 million. Atkore had a net margin of 3.89% and a return on equity of 16.16%. Atkore’s revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.43 earnings per share. On average, equities research analysts expect that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Friday, December 5th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Atkore’s payout ratio is currently -253.85%.

Atkore 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.