Tidal Investments LLC Acquires 19,729 Shares of Atkore Inc. $ATKR

Tidal Investments LLC raised its holdings in shares of Atkore Inc. (NYSE:ATKR) by 61.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 51,660 shares of the company’s stock after acquiring an additional 19,729 shares during the period. Tidal Investments LLC’s holdings in Atkore were worth $3,928,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in shares of Atkore in the second quarter worth about $28,000. Integrated Wealth Concepts LLC purchased a new stake in Atkore during the 2nd quarter valued at about $31,000. State of Wyoming bought a new position in Atkore during the 2nd quarter worth approximately $56,000. Parkside Financial Bank & Trust grew its position in Atkore by 1,456.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 778 shares of the company’s stock worth $59,000 after acquiring an additional 728 shares during the last quarter. Finally, Nykredit A S bought a new position in Atkore during the 2nd quarter worth approximately $81,000.

Atkore Stock Performance

Atkore stock opened at $94.11 on Tuesday. The company has a current ratio of 2.73, a quick ratio of 2.04 and a debt-to-equity ratio of 0.59. The firm has a market cap of $3.18 billion, a P/E ratio of -19.56 and a beta of 1.68. Atkore Inc. has a 1-year low of $53.75 and a 1-year high of $94.39. The firm has a 50-day moving average of $85.84 and a 200-day moving average of $76.24.

Atkore (NYSE:ATKR) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.39. The company had revenue of $794.80 million for the quarter, compared to the consensus estimate of $756.23 million. Atkore had a positive return on equity of 10.27% and a negative net margin of 5.55%.During the same quarter in the previous year, the business earned $2.17 EPS. Sell-side analysts expect that Atkore Inc. will post 5.15 EPS for the current year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. Atkore’s payout ratio is -27.44%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Weiss Ratings raised Atkore from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded shares of Atkore from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Royal Bank Of Canada set a $76.00 target price on shares of Atkore in a research note on Thursday, July 16th. Finally, Roth Capital lowered shares of Atkore from a “buy” rating to a “neutral” rating and upped their price target for the company from $85.00 to $92.00 in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $143.33.

Insider Activity

In related news, insider Mark Lamps sold 300 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $93.75, for a total transaction of $28,125.00. Following the completion of the transaction, the insider owned 35,803 shares in the company, valued at $3,356,531.25. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

About Atkore

Atkore Inc (NYSE: ATKR) manufactures electrical, safety and infrastructure products for commercial, industrial, data center, utility, transportation and other construction markets. Its portfolio is designed to support the distribution, management and protection of electrical power and communications systems.

The company’s products include electrical conduit and fittings, cable management systems, wire and cable, metal framing, mechanical pipe, fire sprinkler pipe and related infrastructure components.