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

Arosa Capital Management LP bought a new position in shares of Atkore Inc. (NYSE:ATKR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 60,000 shares of the company’s stock, valued at approximately $5,084,000. Atkore comprises about 2.0% of Arosa Capital Management LP’s portfolio, making the stock its 13th biggest holding. Arosa Capital Management LP owned about 0.17% of Atkore at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ATKR. Signaturefd LLC increased its holdings in Atkore by 445.6% in the 3rd quarter. Signaturefd LLC now owns 491 shares of the company’s stock valued at $42,000 after purchasing an additional 401 shares during the last quarter. Quarry LP purchased a new position in shares of Atkore in the second quarter valued at approximately $57,000. Mather Group LLC. grew its holdings 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 in the last quarter. Covestor Ltd lifted its holdings in Atkore by 63.7% during the 3rd quarter. Covestor Ltd now owns 1,002 shares of the company’s stock worth $85,000 after buying an additional 390 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in Atkore by 829.9% during the 2nd quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock worth $122,000 after buying an additional 805 shares in the last quarter.

Atkore Stock Performance

Shares of ATKR stock opened at $94.31 on Monday. The stock’s 50-day moving average is $88.49 and its two-hundred day moving average is $110.50. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. Atkore Inc. has a 1 year low of $76.01 and a 1 year high of $194.98. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 7.47 and a beta of 2.13.

Atkore Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on 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 sale, the insider now directly owns 27,626 shares of the company’s stock, valued at $2,667,290.30. This trade represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Daniel S. Kelly sold 13,071 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the completion of the sale, the vice president now owns 27,528 shares of the company’s stock, valued at $2,635,530.72. This trade represents a 32.20 % decrease in their position. The disclosure for this sale can be found here. 2.56% of the stock is owned by insiders.

About Atkore

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.