May 17, 2023 – Mercer Global Advisors Inc. ADV has recently filed its Form 13F with the Securities and Exchange Commission (SEC), revealing a substantial increase in holdings with the Atkore Inc. (NYSE:ATKR) stock. The company’s holdings have surged by 6.3% during the fourth quarter, purchasing an additional 860 shares, bringing their total to 14,568 shares worth $1,652,000.
Atkore Inc., a leading manufacturer of electrical raceway products operates through two main segments: Electrical and Safety and Infrastructure. The Electrical segment involves the production of power systems used for conduit cables and installation accessories, while its Safety and Infrastructure segment designs various metal framing solutions, mechanical pipes, perimeter security measures as well as cable management for critical infrastructure protection.
Despite trading with a debt-to-equity ratio of 0.60, Atkore stock opened high at $118.06 on Wednesday indicating significant investor interest in company prospects. With a current ratio of 2.96 and market capitalization standing at $4.55 billion; it is evident that investors view this as a sound industry player worthy of investment consideration.
Furthermore, Atkore presents itself as being capable of sustained growth in light of its attractive financial position visible from its low price-to-earnings ratio at 6.08 points coupled with increasing demand for electrical raceway products amid increased infrastructure development globally.
Therefore we can conclude that Atkore holds strong investor sentiment going forward while demonstrating resilience amidst volatility within the market; only time will truly tell if these positive developments are sustainable over the long term or just short-term optimism driven by industry trends.
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Atkore Sees Surge of Interest from Institutional Investors and Hedge Funds
Atkore, a leading manufacturer of electrical raceway products and solutions, has recently seen a surge in interest from institutional investors and hedge funds. SummerHaven Investment Management LLC, for example, boosted its holdings in Atkore by 1.1% in the fourth quarter of 2022. Similarly, Twelve Points Wealth Management LLC lifted its stake in Atkore by 1.0%, now owning 11,293 shares of the company’s stock valued at $1,281,000.
Van ECK Associates Corp also bought into Atkore during Q3 of last year, lifting its stake by 9.8% to now own 1,409 shares valued at $110,000. Navellier & Associates Inc., meanwhile, increased its stake in the company by 1.4% to now hold 10,405 shares worth over $1 million. Finally Janney Montgomery Scott LLC boosted its stake by 5%, owning 3,622 shares with a value of $411k.
This activity has been driven by impressive analysis from equities research analysts such as Royal Bank of Canada which upped their price target from $139 to $177 while Loop Capital raised their target from $150 to $170 based on Atkore’s recent outstanding performance.
In other news CFO David Paul Johnson sold over one million dollars worth of his Atkore shares in early March but still holds an impressive amount while insider John W. Pregenzer also sold some of his shares but also remains heavily invested.
Overall it appears that Atkore is certainly attracting attention from big players across the board generating enthusiasm among industry analysts and investors alike indicating a strong future ahead for this important player within the electrical products market space.
