Arosa Capital Management LP Acquires New Position in Atkore Inc. (NYSE:ATKR)

Arosa Capital Management LP bought a new position in shares of Atkore Inc. (NYSE:ATKR) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 60,000 shares of the company’s stock, valued at approximately $5,084,000. Atkore accounts for 2.0% of Arosa Capital Management LP’s holdings, making the stock its 13th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers raised its holdings in Atkore by 315.6% during the first quarter. Cetera Investment Advisers now owns 13,402 shares of the company’s stock worth $2,551,000 after purchasing an additional 10,177 shares during the last quarter. Cetera Advisors LLC acquired a new position in Atkore during the first quarter worth about $473,000. DNB Asset Management AS purchased a new stake in shares of Atkore in the second quarter valued at about $9,585,000. Mather Group LLC. grew its position in shares of Atkore by 895.7% in the second quarter. Mather Group LLC. now owns 468 shares of the company’s stock valued at $63,000 after purchasing an additional 421 shares during the last quarter. Finally, Park Avenue Securities LLC increased its stake in shares of Atkore by 9.3% during the 2nd quarter. Park Avenue Securities LLC now owns 7,207 shares of the company’s stock worth $972,000 after purchasing an additional 614 shares in the last quarter.

Wall Street Analyst Weigh In

ATKR has been the topic of a number of recent research reports. Loop Capital reduced their target price on Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Royal Bank of Canada dropped their price objective on Atkore from $99.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, November 22nd. B. Riley downgraded Atkore from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. Finally, KeyCorp dropped their price objective on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $117.00.

Insider Activity

In other Atkore news, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction on Tuesday, November 26th. The shares were 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 owns 27,528 shares of the company’s stock, valued at $2,635,530.72. The trade was a 32.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction of $48,275.00. Following the completion of the transaction, the insider now directly owns 27,626 shares in the company, valued at $2,667,290.30. This represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.56% of the company’s stock.

Atkore Stock Performance

Atkore stock opened at $94.31 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96. Atkore Inc. has a 12 month low of $76.01 and a 12 month high of $194.98. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 7.47 and a beta of 2.13. The stock’s 50-day moving average is $88.49 and its 200-day moving average is $110.50.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Friday, December 6th. Atkore’s payout ratio is currently 10.13%.

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.