Bank of New York Mellon Corp Raises Position in Atkore Inc. (NYSE:ATKR)

Bank of New York Mellon Corp increased its holdings in Atkore Inc. (NYSE:ATKR) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 174,789 shares of the company’s stock after purchasing an additional 4,441 shares during the quarter. Bank of New York Mellon Corp owned 0.48% of Atkore worth $23,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC raised its position in Atkore by 2.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock worth $667,000 after purchasing an additional 99 shares during the period. Opinicus Capital Inc. increased its position in shares of Atkore by 3.8% in the first quarter. Opinicus Capital Inc. now owns 3,263 shares of the company’s stock valued at $621,000 after acquiring an additional 118 shares during the period. SYSTM Wealth Solutions LLC increased its position in shares of Atkore by 4.8% in the first quarter. SYSTM Wealth Solutions LLC now owns 3,368 shares of the company’s stock valued at $641,000 after acquiring an additional 153 shares during the period. Global Retirement Partners LLC increased its position in shares of Atkore by 405.1% in the first quarter. Global Retirement Partners LLC now owns 197 shares of the company’s stock valued at $38,000 after acquiring an additional 158 shares during the period. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Atkore in the fourth quarter valued at about $25,000.

Analyst Upgrades and Downgrades

ATKR has been the topic of a number of analyst reports. Citigroup decreased their price objective on shares of Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. B. Riley decreased their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada cut shares of Atkore from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $175.00 to $100.00 in a research report on Wednesday, August 7th. KeyCorp reduced their price target on shares of Atkore from $175.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, StockNews.com cut shares of Atkore from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $137.00.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the sale, the insider now owns 28,086 shares of the company’s stock, valued at $2,681,370.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.56% of the stock is currently owned by insiders.

Atkore Price Performance

Shares of NYSE ATKR opened at $87.06 on Thursday. Atkore Inc. has a 1 year low of $86.08 and a 1 year high of $194.98. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. The company’s 50-day moving average is $119.03 and its 200 day moving average is $147.81. The stock has a market capitalization of $3.17 billion, a P/E ratio of 5.39 and a beta of 2.15.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.52 by $0.28. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The business had revenue of $822.40 million for the quarter, compared to analyst estimates of $830.16 million. During the same quarter in the previous year, the firm posted $5.13 earnings per share. Atkore’s quarterly revenue was down 10.5% on a year-over-year basis. On average, sell-side analysts expect that Atkore Inc. will post 12.69 earnings per share for the current year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Tuesday, August 20th. Atkore’s payout ratio is currently 7.98%.

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.