Schwab Charles Investment Management Inc. increased its position in shares of Atkore International Group Inc (NYSE:ATKR) by 18.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 575,238 shares of the company’s stock after buying an additional 88,955 shares during the period. Schwab Charles Investment Management Inc. owned about 1.23% of Atkore International Group worth $11,948,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ATKR. Engineers Gate Manager LP boosted its holdings in shares of Atkore International Group by 20.6% in the second quarter. Engineers Gate Manager LP now owns 71,686 shares of the company’s stock valued at $1,489,000 after acquiring an additional 12,232 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Atkore International Group by 4.7% during the first quarter. Wells Fargo & Company MN now owns 1,739,688 shares of the company’s stock worth $34,532,000 after purchasing an additional 78,441 shares during the period. BlackRock Inc. lifted its holdings in shares of Atkore International Group by 2.7% during the first quarter. BlackRock Inc. now owns 1,920,151 shares of the company’s stock worth $38,115,000 after purchasing an additional 49,601 shares during the period. Cortina Asset Management LLC lifted its holdings in Atkore International Group by 11.2% in the first quarter. Cortina Asset Management LLC now owns 269,122 shares of the company’s stock valued at $5,342,000 after acquiring an additional 27,134 shares during the period. Finally, Rhumbline Advisers lifted its holdings in Atkore International Group by 22.7% in the second quarter. Rhumbline Advisers now owns 38,169 shares of the company’s stock valued at $793,000 after acquiring an additional 7,056 shares during the period. Hedge funds and other institutional investors own 96.19% of the company’s stock.
ATKR has been the subject of a number of recent analyst reports. Zacks Investment Research raised Atkore International Group from a “hold” rating to a “strong-buy” rating and set a $25.00 target price for the company in a report on Tuesday, July 10th. Royal Bank of Canada raised their target price on Atkore International Group to $29.00 and gave the company an “outperform” rating in a report on Wednesday, August 8th. UBS Group raised their target price on Atkore International Group from $27.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Finally, Citigroup downgraded Atkore International Group from a “buy” rating to a “neutral” rating and set a $30.00 target price for the company. in a report on Friday, September 7th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $29.25.
In related news, VP Peter J. Lariviere sold 7,292 shares of Atkore International Group stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $27.77, for a total transaction of $202,498.84. Following the completion of the sale, the vice president now owns 106,670 shares in the company, valued at approximately $2,962,225.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Kevin P. Fitzpatrick sold 228,036 shares of Atkore International Group stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $24.79, for a total value of $5,653,012.44. Following the sale, the vice president now owns 136,282 shares of the company’s stock, valued at approximately $3,378,430.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 640,038 shares of company stock valued at $15,856,074. 51.00% of the stock is currently owned by company insiders.
Shares of ATKR stock traded down $0.36 during mid-day trading on Friday, reaching $23.74. The stock had a trading volume of 368,503 shares, compared to its average volume of 554,882. Atkore International Group Inc has a 12-month low of $17.60 and a 12-month high of $28.67. The stock has a market cap of $1.22 billion, a P/E ratio of 18.69, a P/E/G ratio of 1.25 and a beta of 2.29. The company has a quick ratio of 1.57, a current ratio of 2.39 and a debt-to-equity ratio of 12.18.
Atkore International Group (NYSE:ATKR) last announced its quarterly earnings results on Tuesday, August 7th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $444.77 million. On average, sell-side analysts anticipate that Atkore International Group Inc will post 2.13 earnings per share for the current year.
Atkore International Group 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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