Gates Capital Management Inc. Has $126.83 Million Stock Position in Atkore Inc. (NYSE:ATKR)

Gates Capital Management Inc. lowered its stake in shares of Atkore Inc. (NYSE:ATKR) by 11.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 902,847 shares of the company’s stock after selling 112,542 shares during the period. Atkore makes up 3.4% of Gates Capital Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Gates Capital Management Inc. owned about 2.34% of Atkore worth $126,832,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Orion Capital Management LLC purchased a new stake in Atkore in the 1st quarter valued at about $28,000. Benjamin Edwards Inc. boosted its holdings in Atkore by 128.2% in the 1st quarter. Benjamin Edwards Inc. now owns 267 shares of the company’s stock worth $38,000 after buying an additional 150 shares during the period. CWM LLC boosted its holdings in Atkore by 134.9% in the 1st quarter. CWM LLC now owns 296 shares of the company’s stock worth $42,000 after buying an additional 170 shares during the period. Parkside Financial Bank & Trust boosted its holdings in Atkore by 179.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 347 shares of the company’s stock worth $49,000 after buying an additional 223 shares during the period. Finally, Clearstead Advisors LLC bought a new position in Atkore in the 1st quarter worth approximately $51,000.

Insider Activity

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

Atkore Trading Up 0.7 %

Atkore stock traded up $1.08 during trading hours on Monday, reaching $151.80. The stock had a trading volume of 141,117 shares, compared to its average volume of 430,265. The stock has a market cap of $5.74 billion, a PE ratio of 8.04 and a beta of 2.20. Atkore Inc. has a 52 week low of $70.50 and a 52 week high of $164.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.85 and a quick ratio of 1.95. The company has a fifty day simple moving average of $152.07 and a 200-day simple moving average of $140.32.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, August 8th. The company reported $5.72 earnings per share for the quarter, beating analysts’ consensus estimates of $4.27 by $1.45. The firm had revenue of $919.10 million for the quarter, compared to analyst estimates of $929.45 million. Atkore had a net margin of 20.93% and a return on equity of 59.21%. The company’s revenue for the quarter was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.74 EPS. Analysts forecast that Atkore Inc. will post 17.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ATKR has been the subject of several analyst reports. B. Riley raised their price objective on shares of Atkore from $161.00 to $186.00 and gave the stock a “buy” rating in a report on Thursday, August 10th. Citigroup raised their price objective on shares of Atkore from $159.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, August 9th. Royal Bank of Canada raised their price objective on shares of Atkore from $178.00 to $186.00 and gave the company an “outperform” rating in a research report on Wednesday, August 9th. Finally, StockNews.com assumed coverage on shares of Atkore in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. One equities research 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 stock has an average rating of “Moderate Buy” and a consensus price target of $176.25.

About Atkore

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.