Norges Bank Buys New Shares in Atkore Inc. (NYSE:ATKR)

Norges Bank purchased a new position in Atkore Inc. (NYSE:ATKR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 507,355 shares of the company’s stock, valued at approximately $42,339,000. Norges Bank owned about 1.46% of Atkore as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Atkore by 10.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock valued at $111,467,000 after acquiring an additional 134,517 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Atkore by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 530,170 shares of the company’s stock valued at $44,243,000 after purchasing an additional 50,194 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock worth $39,291,000 after buying an additional 459,200 shares during the period. Royce & Associates LP boosted its position in shares of Atkore by 4.2% in the fourth quarter. Royce & Associates LP now owns 412,752 shares of the company’s stock worth $34,444,000 after buying an additional 16,698 shares during the period. Finally, E. Ohman J or Asset Management AB grew its holdings in shares of Atkore by 55.2% during the fourth quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company’s stock valued at $26,569,000 after buying an additional 113,263 shares in the last quarter.

Atkore Price Performance

Shares of ATKR opened at $53.90 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. The firm has a market cap of $1.87 billion, a PE ratio of 5.22 and a beta of 2.02. The firm’s 50 day moving average price is $66.40 and its 200 day moving average price is $79.99. Atkore Inc. has a twelve month low of $50.44 and a twelve month high of $185.87.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. The business had revenue of $661.60 million for the quarter, compared to the consensus estimate of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. Atkore’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.12 EPS. As a group, research analysts expect that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.37%. Atkore’s dividend payout ratio (DPR) is presently 12.39%.

Insider Activity

In related news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the completion of the sale, the insider now directly owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. This represents a 1.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.