Atkore Inc. (NYSE:ATKR) Stake Reduced by HighTower Advisors LLC

HighTower Advisors LLC trimmed its stake in Atkore Inc. (NYSE:ATKR) by 54.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,739 shares of the company’s stock after selling 15,503 shares during the quarter. HighTower Advisors LLC’s holdings in Atkore were worth $1,077,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Signaturefd LLC grew its holdings in Atkore by 445.6% in the 3rd quarter. Signaturefd LLC now owns 491 shares of the company’s stock worth $42,000 after buying an additional 401 shares in the last quarter. Quarry LP bought a new position in shares of Atkore in the second quarter worth $57,000. Covestor Ltd increased its holdings in shares of Atkore by 63.7% during the third quarter. Covestor Ltd now owns 1,002 shares of the company’s stock valued at $85,000 after purchasing an additional 390 shares during the period. Headlands Technologies LLC raised its stake in shares of Atkore by 829.9% during the second quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock valued at $122,000 after purchasing an additional 805 shares in the last quarter. Finally, Pinnacle Associates Ltd. bought a new stake in shares of Atkore during the third quarter valued at about $126,000.

Atkore Trading Up 0.8 %

Shares of NYSE:ATKR opened at $85.25 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 6.70 and a beta of 2.10. Atkore Inc. has a 1-year low of $76.01 and a 1-year high of $194.98. The company has a 50 day moving average price of $89.61 and a 200 day moving average price of $105.54.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). The company had revenue of $788.30 million for the quarter, compared to analyst estimates of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. Atkore’s revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the company posted $3.63 EPS. On average, research analysts anticipate that Atkore Inc. will post 6.69 EPS for the current fiscal year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, December 6th were paid a $0.32 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a yield of 1.50%. Atkore’s dividend payout ratio is currently 10.13%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, VP Daniel S. Kelly sold 13,071 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the sale, the vice president now owns 27,528 shares of the company’s stock, valued at $2,635,530.72. This trade represents a 32.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the transaction, the insider now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 16,924 shares of company stock worth $1,614,975. Company insiders own 2.56% of the company’s stock.

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.