Miller Value Partners LLC Acquires Shares of 37,000 Atkore Inc. (NYSE:ATKR)

by · The Markets Daily

Miller Value Partners LLC bought a new stake in shares of Atkore Inc. (NYSE:ATKR – Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 37,000 shares of the company’s stock, valued at approximately $3,088,000. Atkore comprises about 1.3% of Miller Value Partners LLC’s investment portfolio, making the stock its 26th biggest holding. Miller Value Partners LLC owned approximately 0.11% of Atkore at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in Atkore by 10.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock worth $111,467,000 after buying an additional 134,517 shares during the last quarter. First Trust Advisors LP increased its holdings in Atkore by 195.6% during the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock worth $98,009,000 after acquiring an additional 777,113 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Atkore by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company’s stock worth $91,028,000 after purchasing an additional 6,234 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Atkore by 24.2% during the 4th quarter. LSV Asset Management now owns 924,100 shares of the company’s stock worth $77,116,000 after acquiring an additional 180,160 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Atkore by 549.9% during the fourth quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock valued at $50,658,000 after purchasing an additional 513,631 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ATKR. Citigroup decreased their price objective on Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Royal Bank of Canada raised their price objective on Atkore from $64.00 to $65.00 and gave the company a “sector perform” rating in a research note on Tuesday. Loop Capital lowered Atkore from a “buy” rating to a “hold” rating and lowered their target price for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Finally, KeyCorp dropped their price objective on Atkore from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.00.

Get Our Latest Research Report on ATKR

Atkore Stock Up 4.2 %

ATKR stock opened at $64.63 on Friday. Atkore Inc. has a fifty-two week low of $49.92 and a fifty-two week high of $185.42. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 6.26 and a beta of 2.02. The business’s 50 day moving average price is $61.43 and its two-hundred day moving average price is $77.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03.

Atkore (NYSE:ATKR – Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. The firm had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.12 EPS. As a group, analysts forecast that Atkore Inc. will post 5.79 earnings per share 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 given 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 1.98%. Atkore’s dividend payout ratio is currently 12.39%.

Insider Buying and Selling

In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the transaction, the insider now owns 33,760 shares of the company’s stock, valued at $2,194,400. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.99% of the stock is currently owned by company insiders.

Atkore Profile

(Free Report)

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.

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