Skandinaviska Enskilda Banken AB publ, a Swedish financial institution, has increased its ownership stake in Atkore Inc. (NYSE:ATKR) during the first quarter of this year, as reported in its recent 13F filing with the Securities and Exchange Commission (SEC). The bank acquired an additional 110,900 shares of the company’s stock, bringing its total to 324,600 shares. This represents a 51.9% growth in ownership. Atkore is currently valued at $45,600,000 by Skandinaviska Enskilda Banken AB publ.
On August 8th, Atkore released its quarterly earnings report. The company surprised investors by reporting earnings per share (EPS) of $5.72 for the quarter, surpassing the consensus estimate of $4.27 by a notable margin of $1.45. Atkore achieved a net margin of 20.93% and a return on equity of 59.21%. However, despite these positive results, the company’s revenue for the quarter stood at $919.10 million, falling short of the consensus estimate of $929.45 million. Compared to the same period last year, Atkore experienced a decline in revenue by 13.4%. Analysts who follow equities anticipate that Atkore Inc.’s earnings per share for this fiscal year will be approximately 17.33.
Atkore is a company that operates primarily in electrical raceway and mechanical products and solutions markets serving various end markets such as construction and infrastructure industries globally.
For further insights into Atkore and its performance, one can refer to our latest research report on the company.
Disclaimer: This article is not intended to provide investment advice or recommendations for buying or selling securities but serves as information about Skandinaviska Enskilda Banken AB publ’s stake increase and Atkore Inc.’s recent earnings report.
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Institutional Investors and Hedge Funds Show Confidence in Atkore Inc.’s Growth Potential
August 20, 2023 – Atkore Inc. (NYSE: ATKR), a leading manufacturer of electrical raceway products, has been attracting interest from a number of institutional investors and hedge funds. Norges Bank, the central bank of Norway, recently purchased a significant stake in Atkore valued at approximately $59.9 million during the fourth quarter of last year. This move was followed by Capital Research Global Investors, which acquired a stake worth around $42.9 million in the first quarter of this year.
Meanwhile, GW&K Investment Management LLC increased its stake in Atkore by an impressive 156.2% during the fourth quarter. The firm now owns over 647,000 shares of the company’s stock, equating to a value of roughly $73.5 million after buying an additional 394,908 shares during the period.
Boston Partners also joined the list of investors interested in Atkore, making a new investment worth approximately $29.7 million during the first quarter.
Fuller & Thaler Asset Management Inc., not to be left behind, increased its stake in Atkore by 19.2% during the fourth quarter as well. The firm now holds 1,057,118 shares valued at $119.9 million after buying an additional 170,539 shares.
These strategic moves by major institutional investors reflect their confidence in Atkore’s growth potential and prospects for future success in the market.
Furthermore, recent trading activities on NYSE:ATKR show positive signs for the company’s stock value. On Friday, August 18th, ATKR traded up by $0.97 to reach $141.97 per share during midday trading sessions. A total of 685,479 shares were exchanged throughout that day; a strong volume compared to the average daily trading volume of 389,667 shares.
Atkore has demonstrated stability and strong financial performance, as reflected in its stock price. The company has a fifty-day simple moving average of $150.98 and a 200-day simple moving average of $139.80.
Despite fluctuations in the market, Atkore’s stock has shown resilience and consistency, with a fifty-two week low of $70.50 and a fifty-two week high of $164.76.
In terms of financial health, Atkore boasts commendable figures. With a current ratio of 2.85 and a quick ratio of 1.95, the company displays its ability to meet short-term obligations efficiently. Additionally, Atkore maintains a debt-to-equity ratio of 0.54, signifying a healthy balance between borrowing and shareholder equity.
Looking at the bigger picture, Atkore Inc. has solidified its position as an industry leader with a market capitalization worth $5.37 billion.
On the earnings front, Atkore appears to be performing well too, with an attractive price-to-earnings (PE) ratio of 7.54 indicating positive investor sentiment towards future profitability.
In recent news related to Atkore, Director Scott H. Muse sold 1,211 shares of the firm’s stock in late June at an average price of $150 per share for a total transaction value reaching $181,650.
Another important development was Vice President Leangela W. Lowe selling 3,000 shares in mid-July at an average share price of $160.09, amounting to approximately $480,270.
It is worth noting that these sales were duly disclosed through legal filings with the Securities & Exchange Commission (SEC), ensuring transparency for all stakeholders.
At present, around 2.11% of ATKR stock is owned by insiders which could indicate their confidence or varying strategies regarding the future trajectory of the business.
Various analysts have given favorable ratings on ATKR, supporting the bright outlook for the company’s stock. Royal Bank of Canada raised their price target on Atkore from $178 to $186, giving it an “outperform” rating.
Moreover, B. Riley also increased their price objective from $161 to $186 and assigned a “buy” rating to the stock. These positive ratings suggest that Atkore is seen as a promising investment opportunity by industry experts.
In conclusion, Atkore Inc.’s recent investments from institutional investors and hedge funds are indicative of the growing interest and confidence in the company. This is further validated by positive trading activity and analyst reports that project a favorable outlook for ATKR’s stock performance in the future. As always, investors should conduct their own analysis and due diligence before making any investment decisions.
