Atkore shareholders approve executive pay, elect directors

Harvey, IL-based Atkore Inc. (NYSE:ATKR), a manufacturer of electrical products with a market capitalization of $2.8 billion, announced the results of its Annual Meeting of Stockholders held on Thursday. According to InvestingPro analysis, the company currently trades at an attractive P/E ratio of 6.3x and is considered undervalued based on its Fair Value assessment. The shareholders voted on several key proposals, including the election of directors, executive compensation, and amendments to the company’s Certificate of Incorporation.

The shareholders elected nine directors to serve until the 2026 Annual Meeting or until their successors are elected. Each director received a significant majority of the votes cast, with B. Joanne Edwards, Justin A. Kershaw, and William E. Waltz, Jr. receiving the highest number of votes for their election.

In an advisory vote, the shareholders approved the executive compensation presented by the company. The approval reflects the stockholders’ support for Atkore’s executive pay structure.

Additionally, the adoption of the Fourth Amended and Restated Certificate of Incorporation was approved. This amendment includes a provision to limit the liability of certain officers, aligning with Section 102(b)(7) of the General Corporation Law of the State of Delaware.

Furthermore, the stockholders ratified the appointment of Deloitte & Touche LLP as Atkore’s independent registered public accounting firm for the fiscal year ending September 30, 2025. This ratification confirms the continued relationship between the company and its auditor.

The company’s filing with the U.S. Securities and Exchange Commission provides detailed voting results for each proposal. It is important to note that the information in this Current Report on Form 8-K, including attachments, is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such a filing.

The outcomes of the Annual Meeting indicate shareholder confidence in the company’s governance and strategic direction. Atkore’s leadership team remains focused on delivering value to its shareholders, as evidenced by aggressive share buybacks and a high shareholder yield. InvestingPro data shows the company maintains strong financial health with a "GOOD" overall rating, though investors should note the stock is trading near its 52-week low of $76.01. For deeper insights into Atkore’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers this and 1,400+ other top US stocks.

In other recent news, Atkore International Group Inc . reported mixed Q4 FY2024 results, including net sales of $3.2 billion, adjusted earnings per share at $14.48, and adjusted EBITDA of $772 million. RBC Capital Markets, Loop Capital, and B.Riley have all revised their outlooks on Atkore, citing pricing pressures and increased competition as key challenges.

Despite this, Atkore has outlined growth strategies focusing on solar torque tubes, water-related products, global mega projects, and regional service centers. The company anticipates FY2025 net sales between $2.9 billion and $3.2 billion, with adjusted EBITDA projected to be between $475 million and $525 million.

In contrast, 3M Company (NYSE:MMM) reported a significant 18% rise in non-GAAP earnings per share and a 1% organic revenue growth in the third quarter. This led to an upward revision of the full-year EPS guidance. Despite facing challenges, including a $3.6 billion legal settlement, 3M returned $1.1 billion to shareholders through dividends and share repurchases, generating a free cash flow of $1.5 billion for Q3.

RBC Capital Markets also provided insights into other multi-industry companies. Carrier Global (NYSE:CARR) Corporation and nVent Electric (NYSE:NVT) plc were praised for their strategic divestitures, while Gates Industrial Corporation plc (NYSE:GTES) and Trane Technologies plc (NYSE:TT) were recognized for their resilience and growth. However, 3M Company and Honeywell International Inc (NASDAQ:HON). were cited for their challenges, including dividend cuts and resistance to demerging.

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