Clearbridge Investments LLC Invests $17.30 Million in Atkore Inc. (NYSE:ATKR)

Clearbridge Investments LLC purchased a new stake in shares of Atkore Inc. (NYSE:ATKR) during the 1st quarter, Holdings Channel reports. The fund purchased 123,156 shares of the company’s stock, valued at approximately $17,301,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. grew its stake in shares of Atkore by 289.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,458 shares of the company’s stock worth $1,620,000 after buying an additional 12,234 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Atkore by 108.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,604 shares of the company’s stock worth $945,000 after acquiring an additional 4,989 shares during the last quarter. HighTower Advisors LLC increased its holdings in Atkore by 2.5% in the 1st quarter. HighTower Advisors LLC now owns 16,070 shares of the company’s stock worth $1,582,000 after purchasing an additional 388 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in Atkore in the first quarter valued at about $223,000. Finally, PNC Financial Services Group Inc. raised its position in Atkore by 12.2% in the first quarter. PNC Financial Services Group Inc. now owns 9,464 shares of the company’s stock valued at $931,000 after purchasing an additional 1,031 shares during the last quarter.

Insider Activity

In related news, VP Leangela W. Lowe sold 3,000 shares of the company’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $160.09, for a total value of $480,270.00. Following the sale, the vice president now owns 25,585 shares in the company, valued at approximately $4,095,902.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Scott H. Muse sold 1,211 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $150.00, for a total value of $181,650.00. Following the completion of the transaction, the director now directly owns 26,583 shares of the company’s stock, valued at $3,987,450. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Leangela W. Lowe sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $160.09, for a total value of $480,270.00. Following the sale, the vice president now directly owns 25,585 shares of the company’s stock, valued at $4,095,902.65. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ATKR shares. B. Riley boosted their price target on Atkore from $161.00 to $186.00 and gave the stock a “buy” rating in a report on Thursday, August 10th. StockNews.com assumed coverage on shares of Atkore in a report on Thursday, August 17th. They set a “buy” rating on the stock. Citigroup raised their price target on shares of Atkore from $159.00 to $163.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Finally, Royal Bank of Canada lifted their price objective on Atkore from $178.00 to $186.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $176.25.

Atkore Stock Performance

Shares of Atkore stock opened at $153.42 on Wednesday. The company has a market cap of $5.80 billion, a P/E ratio of 8.15 and a beta of 2.20. The business has a 50-day moving average price of $152.20 and a two-hundred day moving average price of $140.11. The company has a current ratio of 2.85, a quick ratio of 1.95 and a debt-to-equity ratio of 0.54. Atkore Inc. has a 1-year low of $70.50 and a 1-year high of $164.76.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $5.72 EPS for the quarter, topping analysts’ consensus estimates of $4.27 by $1.45. The business had revenue of $919.10 million during the quarter, compared to analysts’ expectations of $929.45 million. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The business’s quarterly revenue was down 13.4% on a year-over-year basis. During the same period last year, the company posted $5.74 earnings per share. As a group, analysts anticipate that Atkore Inc. will post 17.33 EPS for the current year.

Atkore Profile

Atkore Inc engages in the manufacture and sale of electrical, safety, and infrastructure products in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures safety and infrastructure solutions, such as metal framing, mechanical pipe, perimeter security, and cable management.