Verition Fund Management LLC Raises Stake in Atkore Inc. (NYSE:ATKR)

Posted by Defense World Staff on Mar 6th, 2023

Verition Fund Management LLC raised its holdings in shares of Atkore Inc. (NYSE:ATKR – Get Rating) by 90.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,554 shares of the company’s stock after purchasing an additional 3,592 shares during the quarter. Verition Fund Management LLC’s holdings in Atkore were worth $588,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ATKR. Capital Research Global Investors purchased a new stake in Atkore during the first quarter valued at about $42,940,000. Credit Suisse AG lifted its holdings in Atkore by 516.5% during the third quarter. Credit Suisse AG now owns 238,365 shares of the company’s stock valued at $18,547,000 after purchasing an additional 199,698 shares during the last quarter. River Road Asset Management LLC lifted its holdings in Atkore by 19.3% during the third quarter. River Road Asset Management LLC now owns 1,151,419 shares of the company’s stock valued at $89,592,000 after purchasing an additional 186,123 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Atkore by 14.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,305,383 shares of the company’s stock valued at $101,571,000 after purchasing an additional 165,933 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Atkore by 62.3% during the second quarter. JPMorgan Chase & Co. now owns 356,339 shares of the company’s stock valued at $29,579,000 after buying an additional 136,743 shares during the period.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 2,480 shares of the company’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $144.75, for a total value of $358,980.00. Following the transaction, the insider now directly owns 23,305 shares in the company, valued at $3,373,398.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Mark F. Lamps sold 2,480 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $144.75, for a total value of $358,980.00. Following the completion of the sale, the insider now owns 23,305 shares of the company’s stock, valued at $3,373,398.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wilbert W. James, Jr. sold 1,491 shares of the firm’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $139.08, for a total value of $207,368.28. Following the transaction, the director now directly owns 15,338 shares of the company’s stock, valued at approximately $2,133,209.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,813 shares of company stock worth $5,499,775. Insiders own 2.11% of the company’s stock.

Atkore Stock Up 0.7 %

ATKR stock opened at $153.01 on Monday. The company has a current ratio of 2.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.60. The company’s 50 day moving average is $131.56 and its 200 day moving average is $109.03. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 7.57 and a beta of 2.22. Atkore Inc. has a 1-year low of $70.50 and a 1-year high of $154.86.

Wall Street Analysts Forecast Growth

ATKR has been the topic of several analyst reports. Citigroup upped their price target on Atkore from $135.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. B. Riley upped their price target on Atkore from $146.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Loop Capital upped their price target on Atkore from $150.00 to $170.00 in a research report on Thursday, February 2nd. Finally, Royal Bank of Canada upped their price target on Atkore from $139.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Atkore currently has a consensus rating of “Moderate Buy” and an average price target of $161.40.

About Atkore

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Atkore, Inc engages in the manufacture of electrical raceway products. It operates through the Electrical, and Safety and Infrastructure segments. The Electrical segment produces products used in the construction of electrical power systems such as conduit, cable, and installation accessories. The Safety and Infrastructure segment designs and creates solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure.