Tidal Investments LLC Increases Stock Position in Atkore Inc. (NYSE:ATKR)

Tidal Investments LLC lifted its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 38.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,744 shares of the company's stock after purchasing an additional 6,628 shares during the period. Tidal Investments LLC owned about 0.07% of Atkore worth $2,012,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP acquired a new position in Atkore in the second quarter valued at approximately $57,000. Signaturefd LLC boosted its holdings in shares of Atkore by 445.6% in the 3rd quarter. Signaturefd LLC now owns 491 shares of the company's stock valued at $42,000 after buying an additional 401 shares in the last quarter. Headlands Technologies LLC grew its position in shares of Atkore by 829.9% in the 2nd quarter. Headlands Technologies LLC now owns 902 shares of the company's stock valued at $122,000 after buying an additional 805 shares during the last quarter. Covestor Ltd raised its stake in Atkore by 63.7% during the 3rd quarter. Covestor Ltd now owns 1,002 shares of the company's stock worth $85,000 after acquiring an additional 390 shares in the last quarter. Finally, Pinnacle Associates Ltd. purchased a new stake in Atkore in the third quarter valued at $126,000.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ATKR shares. B. Riley lowered Atkore from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $135.00 to $84.00 in a report on Friday, November 22nd. Royal Bank of Canada restated a "sector perform" rating and set a $102.00 price target (up previously from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. KeyCorp reduced their price objective on Atkore from $125.00 to $105.00 and set an "overweight" rating for the company in a research note on Friday, September 13th. Loop Capital decreased their price objective on Atkore from $130.00 to $115.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Finally, Roth Mkm assumed coverage on shares of Atkore in a report on Tuesday. They issued a "buy" rating and a $100.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $115.67.

Atkore Stock Performance

Shares of ATKR stock traded up $0.70 during midday trading on Tuesday, hitting $85.31. The company had a trading volume of 651,668 shares, compared to its average volume of 631,581. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 6.70 and a beta of 2.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96. The company's 50 day simple moving average is $89.61 and its 200 day simple moving average is $105.54. Atkore Inc. has a 52-week low of $76.01 and a 52-week high of $194.98.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The company reported $2.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm had revenue of $788.30 million for the quarter, compared to analysts' expectations of $749.49 million. During the same period in the prior year, the company earned $3.63 earnings per share. The company's revenue for the quarter was down 9.4% on a year-over-year basis. Research analysts anticipate that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, December 6th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, December 6th. Atkore's dividend payout ratio is presently 10.13%.

Insider Buying and Selling

In related news, VP Daniel S. Kelly sold 13,071 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now directly owns 27,528 shares of the company's stock, valued at $2,635,530.72. This trade represents a 32.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeri L. Isbell sold 3,353 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the sale, the director now owns 25,585 shares in the company, valued at approximately $2,405,757.55. The trade was a 11.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,924 shares of company stock valued at $1,614,975 over the last quarter. Company insiders own 2.56% of the company's stock.

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.