State Street Corp Reduces Holdings in Atkore Inc. (NYSE:ATKR)

State Street Corp lowered its position in shares of Atkore Inc. (NYSE:ATKR) by 1.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 880,391 shares of the company’s stock after selling 13,524 shares during the period. State Street Corp’s holdings in Atkore were worth $74,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in Atkore by 26.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after acquiring an additional 261,234 shares during the last quarter. American Century Companies Inc. increased its position in shares of Atkore by 22.9% during the 2nd quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock worth $104,395,000 after purchasing an additional 144,283 shares during the last quarter. Royce & Associates LP increased its position in shares of Atkore by 20.2% during the 3rd quarter. Royce & Associates LP now owns 396,054 shares of the company’s stock worth $33,562,000 after purchasing an additional 66,533 shares during the last quarter. William Blair Investment Management LLC raised its holdings in Atkore by 5.4% in the 2nd quarter. William Blair Investment Management LLC now owns 395,388 shares of the company’s stock valued at $53,350,000 after buying an additional 20,229 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Atkore by 23.5% in the second quarter. Principal Financial Group Inc. now owns 336,835 shares of the company’s stock valued at $45,449,000 after buying an additional 64,050 shares during the last quarter.

Analyst Ratings Changes

ATKR has been the topic of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Loop Capital dropped their price objective on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. KeyCorp cut their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday, September 13th. Finally, Roth Mkm assumed coverage on Atkore in a research report on Tuesday. They issued a “buy” rating and a $100.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Atkore presently has a consensus rating of “Hold” and a consensus price target of $115.67.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction of $48,275.00. Following the completion of the sale, the insider now owns 27,626 shares in the company, valued at $2,667,290.30. The trade was a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Daniel S. Kelly sold 13,071 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the sale, the vice president now directly owns 27,528 shares in the company, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,924 shares of company stock worth $1,614,975 over the last ninety days. Corporate insiders own 2.56% of the company’s stock.

Atkore Trading Up 0.8 %

ATKR opened at $85.25 on Wednesday. The business has a fifty day moving average price of $89.61 and a 200 day moving average price of $105.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96. Atkore Inc. has a 12 month low of $76.01 and a 12 month high of $194.98. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 6.75 and a beta of 2.10.

Atkore (NYSE:ATKR) last issued its earnings results on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a net margin of 14.77% and a return on equity of 32.14%. The firm had revenue of $788.30 million during the quarter, compared to analyst estimates of $749.49 million. During the same period last year, the business earned $3.63 EPS. The firm’s revenue was down 9.4% compared to the same quarter last year. Sell-side analysts expect that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, December 6th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.50%. The ex-dividend date was Friday, December 6th. Atkore’s dividend payout ratio (DPR) is presently 10.13%.

Atkore Company Profile

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.