PNC Financial Services Group Inc. Reduces Stock Position in Atkore Inc. (NYSE:ATKR)

PNC Financial Services Group Inc. reduced its holdings in Atkore Inc. (NYSE:ATKR) by 39.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,911 shares of the company’s stock after selling 1,906 shares during the period. PNC Financial Services Group Inc.’s holdings in Atkore were worth $466,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cornercap Investment Counsel Inc. boosted its stake in shares of Atkore by 1.3% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 5,017 shares of the company’s stock worth $803,000 after purchasing an additional 63 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Atkore by 3.5% during the 4th quarter. Ritholtz Wealth Management now owns 2,042 shares of the company’s stock worth $327,000 after purchasing an additional 69 shares during the period. SummerHaven Investment Management LLC boosted its stake in shares of Atkore by 1.5% during the 4th quarter. SummerHaven Investment Management LLC now owns 4,782 shares of the company’s stock worth $765,000 after purchasing an additional 69 shares during the period. Riverwater Partners LLC boosted its stake in shares of Atkore by 0.6% during the 4th quarter. Riverwater Partners LLC now owns 13,245 shares of the company’s stock worth $2,119,000 after purchasing an additional 78 shares during the period. Finally, Roman Butler Fullerton & Co. boosted its stake in shares of Atkore by 3.2% during the 4th quarter. Roman Butler Fullerton & Co. now owns 2,755 shares of the company’s stock worth $422,000 after purchasing an additional 85 shares during the period.

Atkore Price Performance

Atkore stock opened at $132.53 on Friday. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of 8.26 and a beta of 2.16. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.09 and a quick ratio of 1.98. Atkore Inc. has a 1 year low of $121.00 and a 1 year high of $194.98. The firm has a 50-day moving average of $153.89 and a two-hundred day moving average of $159.25.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The business had revenue of $792.90 million during the quarter, compared to analyst estimates of $808.22 million. During the same quarter in the previous year, the business posted $4.31 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, research analysts forecast that Atkore Inc. will post 14.93 earnings per share for the current year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were issued a $0.32 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $1.28 annualized dividend and a dividend yield of 0.97%. Atkore’s dividend payout ratio is currently 7.98%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ATKR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $187.00 price target on shares of Atkore in a research note on Friday, March 22nd. StockNews.com cut shares of Atkore from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Finally, Citigroup lowered their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th.

Insider Activity

In other news, Director Wilbert W. James, Jr. sold 599 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now owns 15,695 shares in the company, valued at approximately $2,404,944.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total transaction of $78,835.00. Following the completion of the transaction, the insider now owns 28,586 shares in the company, valued at approximately $4,507,154.62. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wilbert W. James, Jr. sold 599 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total transaction of $91,784.77. Following the transaction, the director now owns 15,695 shares of the company’s stock, valued at approximately $2,404,944.85. The disclosure for this sale can be found here. Company insiders own 2.56% of the company’s stock.

About Atkore

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.