Atkore Inc. (NYSE:ATKR) Vice President and Chief Human Resources Officer, LeAngela W. Lowe, has recently sold a significant number of company shares, according to a new regulatory filing. On March 14, Lowe parted with 6,500 shares of Atkore common stock at an approximate weighted average price of $176.07 per share. The total value of the shares sold amounts to over $1.1 million.
The transactions were executed in a price range from $176.00 to $176.22, with the exact distribution of sales across this range not disclosed in the filing. However, Lowe has committed to providing full details of the number of shares sold at each individual price point upon request by the Securities and Exchange Commission staff, Atkore Inc., or any of its security holders.
Following the sale, Lowe continues to hold 25,590 shares of Atkore Inc., indicating a maintained significant stake in the company. Atkore, known for its offerings in electrical raceway solutions, has been a key player in the miscellaneous electrical machinery, equipment, and supplies industry.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The sale by a high-ranking official like Lowe might be of particular interest to current and potential shareholders.
Atkore Inc. has not provided any official comment on the transaction at the time of this report. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol ATKR.
InvestingPro Insights
As Atkore Inc. (NYSE:ATKR) navigates the market, recent actions by its management and analysts' perspectives offer valuable indicators for investors. A standout point for Atkore is that management has been actively repurchasing shares, suggesting a bullish outlook on the company's valuation and future performance. This aligns with the recent insider sale by Vice President and Chief Human Resources Officer, LeAngela W. Lowe, which may be a strategic move rather than a reflection of the company's health.
InvestingPro data further reveals that Atkore is trading at an earnings multiple of 10.35, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 9.8, indicating a potentially undervalued stock compared to industry peers. Additionally, the company's stock has experienced strong returns, with a 21.9% one-month price total return as of the latest data, showcasing its recent bullish trend.
InvestingPro Tips for Atkore highlight that analysts have revised their earnings expectations downwards for the upcoming period, which may warrant caution. Nevertheless, the company's robust cash flows can comfortably cover interest payments, and liquid assets surpass short-term obligations, providing a cushion for financial operations. For investors seeking more comprehensive analysis, InvestingPro offers numerous additional tips to navigate Atkore's financial landscape.
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