William E. Waltz Jr., President and CEO of Atkore Inc. (NYSE:ATKR), recently sold a significant portion of the company's common stock. According to the latest SEC filings, Waltz sold a total of 120,098 shares, amounting to approximately $11.28 million. The transactions occurred over two consecutive days, with shares sold at prices ranging from $92.6423 to $95.2067 each.
On November 26, Waltz sold 61,079 shares at an average price of $95.2067, followed by a sale of 59,019 shares on November 27 at an average price of $92.6423. After these transactions, Waltz holds 12,586 shares directly and 114,754.9221 shares indirectly, the latter being held in a trust for which his spouse is a beneficiary.
These sales were executed under indirect ownership by a trust, and Waltz disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest. The transactions reflect Waltz's ongoing management of his holdings in Atkore, a company specializing in miscellaneous electrical machinery and equipment.
In other recent news, Atkore International Group Inc (NYSE:ATKR). reported mixed financial results for Q4 of FY2024, with net sales reaching $3.2 billion, adjusted earnings per share at $14.48, and adjusted EBITDA of $772 million. The company has adjusted its EBITDA guidance for fiscal year 2025 to be between $475 million and $525 million due to increased competition and import pressures, particularly in the PVC and steel conduit markets. Loop Capital, RBC Capital Markets, and B.Riley have adjusted their outlook on Atkore, with Loop Capital maintaining a Buy rating, RBC Capital Markets maintaining a Sector Perform rating, and B.Riley downgrading the stock from Buy to Neutral. Despite the challenges, the company has initiated strategic growth strategies focusing on solar torque tubes, water-related products, global mega projects, and regional service centers. The company's commitment to shareholder returns is evidenced by the repurchase of over $1.3 billion in stock and the introduction of a quarterly cash dividend. These are recent developments and the company's ability to navigate the current market dynamics will be key to its future profitability.
InvestingPro Insights
Following the recent stock sales by Atkore Inc.'s CEO William E. Waltz Jr., investors may be interested in additional financial insights about the company. According to InvestingPro data, Atkore currently has a market capitalization of $3.25 billion and trades at a P/E ratio of 7.28, indicating a relatively low earnings multiple compared to industry peers.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects despite the CEO's recent stock sales. This buyback activity contributes to a high shareholder yield, another point noted by InvestingPro.
While the company's stock price has experienced significant volatility, with a 38.93% decline over the past six months, Atkore remains profitable. The company reported revenue of $3.2 billion in the last twelve months as of Q4 2024, with a gross profit margin of 33.66%. Additionally, Atkore's return on assets stands at a healthy 15.88%, suggesting efficient use of its assets to generate profits.
Investors should note that InvestingPro offers 13 additional tips for Atkore, providing a more comprehensive analysis of the company's financial health and market position. These insights can be particularly valuable in understanding the context of executive stock transactions and the company's overall performance.
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