Convergence Investment Partners LLC bought a new stake in shares of Atkore International Group Inc (NYSE:ATKR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 39,377 shares of the company’s stock, valued at approximately $818,000. Convergence Investment Partners LLC owned 0.08% of Atkore International Group at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in ATKR. Bank of New York Mellon Corp boosted its stake in shares of Atkore International Group by 6.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 287,438 shares of the company’s stock valued at $5,970,000 after buying an additional 16,976 shares during the period. Rhumbline Advisers boosted its stake in shares of Atkore International Group by 22.7% in the 2nd quarter. Rhumbline Advisers now owns 38,169 shares of the company’s stock valued at $793,000 after buying an additional 7,056 shares during the period. Engineers Gate Manager LP boosted its stake in shares of Atkore International Group by 20.6% in the 2nd quarter. Engineers Gate Manager LP now owns 71,686 shares of the company’s stock valued at $1,489,000 after buying an additional 12,232 shares during the period. IndexIQ Advisors LLC boosted its stake in shares of Atkore International Group by 8.8% in the 2nd quarter. IndexIQ Advisors LLC now owns 110,194 shares of the company’s stock valued at $2,289,000 after buying an additional 8,903 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Atkore International Group by 57.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,320,604 shares of the company’s stock valued at $27,429,000 after buying an additional 482,392 shares during the period.
Several brokerages have recently issued reports on ATKR. Royal Bank of Canada lifted their price objective on Atkore International Group to $29.00 and gave the company an “outperform” rating in a research note on Wednesday, August 8th. Zacks Investment Research upgraded Atkore International Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research note on Friday, August 10th. Finally, TheStreet cut Atkore International Group from a “c” rating to a “d” rating in a research note on Thursday, May 24th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Atkore International Group currently has an average rating of “Buy” and a consensus price target of $27.00.
In other news, VP James A. Mallak sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $22.00, for a total transaction of $44,000.00. Following the sale, the vice president now owns 75,623 shares of the company’s stock, valued at approximately $1,663,706. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Allied Holdings L.P. Cd&R sold 6,959,976 shares of the firm’s stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $19.91, for a total value of $138,573,122.16. The disclosure for this sale can be found here. Insiders have sold a total of 7,702,044 shares of company stock worth $156,240,392 in the last three months. Corporate insiders own 51.00% of the company’s stock.
Shares of NYSE ATKR opened at $27.21 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.57 and a debt-to-equity ratio of 12.18. Atkore International Group Inc has a fifty-two week low of $15.66 and a fifty-two week high of $27.27. The stock has a market cap of $1.15 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 1.18 and a beta of 2.10.
Atkore International Group (NYSE:ATKR) last issued its earnings results on Tuesday, August 7th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.29. Atkore International Group had a return on equity of 56.38% and a net margin of 7.12%. The business had revenue of $498.01 million for the quarter, compared to analyst estimates of $444.77 million. equities analysts forecast that Atkore International Group Inc will post 2.13 EPS for the current year.
Atkore International Group Company Profile
Atkore International Group Inc manufactures and distributes electrical raceway products in the United States and internationally. The company's electrical raceway products include electrical conduits and fittings, armored cable and fittings, cable trays and mounting systems, and fittings for the non-residential construction, renovation markets, and mechanical products and solutions (MP&S) for the construction, and industrial markets.
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