Federated Hermes Inc. Boosts Position in Atkore Inc. $ATKR

Federated Hermes Inc. increased its holdings in Atkore Inc. (NYSE:ATKR) by 50.5% in the second quarter, HoldingsChannel.com reports. The fund owned 315,250 shares of the company’s stock after acquiring an additional 105,831 shares during the period. Federated Hermes Inc.’s holdings in Atkore were worth $22,241,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Gates Capital Management Inc. raised its holdings in Atkore by 25.2% in the 1st quarter. Gates Capital Management Inc. now owns 3,265,061 shares of the company’s stock worth $195,871,000 after purchasing an additional 657,707 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Atkore during the second quarter valued at about $21,453,000. JPMorgan Chase & Co. raised its stake in Atkore by 109.2% in the second quarter. JPMorgan Chase & Co. now owns 535,162 shares of the company’s stock worth $37,756,000 after buying an additional 279,385 shares in the last quarter. First Trust Advisors LP lifted its holdings in Atkore by 13.9% in the second quarter. First Trust Advisors LP now owns 1,757,797 shares of the company’s stock worth $124,013,000 after buying an additional 213,858 shares during the period. Finally, Nuveen LLC bought a new stake in Atkore during the 1st quarter valued at approximately $11,502,000.

Insiders Place Their Bets

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 transaction, the insider directly 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 legal filing with the SEC, which can be accessed through this hyperlink. 1.99% of the stock is currently owned by insiders.

Atkore Trading Down 0.4%

NYSE ATKR opened at $63.54 on Wednesday. Atkore Inc. has a 12 month low of $49.92 and a 12 month high of $90.66. The stock has a market cap of $2.14 billion, a P/E ratio of -122.19 and a beta of 1.57. The stock’s fifty day moving average price is $65.52 and its 200-day moving average price is $65.80. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.54.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Wednesday, November 19th. The company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.61). The company had revenue of $752.01 million during the quarter, compared to analysts’ expectations of $733.61 million. Atkore had a positive return on equity of 12.98% and a negative net margin of 0.53%.Atkore’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.43 EPS. As a group, equities analysts forecast that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.1%. Atkore’s dividend payout ratio (DPR) is -253.85%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ATKR shares. Citigroup decreased their target price on Atkore from $66.00 to $64.00 and set a “neutral” rating for the company in a research report on Friday, November 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Atkore in a report on Monday. KeyCorp restated a “sector weight” rating on shares of Atkore in a report on Friday, November 14th. Finally, Roth Capital reduced their target price on shares of Atkore from $67.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Atkore has an average rating of “Hold” and a consensus target price of $74.00.

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.