Skandinaviska Enskilda Banken AB publ Sells 123,500 Shares of Atkore Inc. (NYSE:ATKR)

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Atkore Inc. (NYSE:ATKR) by 38.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 199,500 shares of the company’s stock after selling 123,500 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.55% of Atkore worth $26,919,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in Atkore by 0.8% during the second quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock worth $1,389,000 after buying an additional 85 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Atkore by 2.0% during 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 last quarter. Opinicus Capital Inc. raised its holdings in shares of Atkore by 3.8% in the 1st quarter. Opinicus Capital Inc. now owns 3,263 shares of the company’s stock valued at $621,000 after purchasing an additional 118 shares during the period. Meixler Investment Management Ltd. lifted its stake in Atkore by 6.5% in the 2nd quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock valued at $263,000 after purchasing an additional 119 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Atkore by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock worth $555,000 after purchasing an additional 129 shares during the period.

Insider Transactions at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares in the company, valued at $2,681,370.42. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.56% of the company’s stock.

Atkore Stock Performance

NYSE:ATKR opened at $87.02 on Friday. The stock has a 50 day simple moving average of $106.42 and a 200 day simple moving average of $141.45. The stock has a market cap of $3.17 billion, a P/E ratio of 5.43 and a beta of 2.15. Atkore Inc. has a 1-year low of $80.11 and a 1-year high of $194.98. The company has a current ratio of 3.26, a quick ratio of 2.03 and a debt-to-equity ratio of 0.49.

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

Atkore Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on ATKR shares. Royal Bank of Canada lowered Atkore from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. Loop Capital dropped their price target on Atkore from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday. B. Riley reduced their price objective on shares of Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, KeyCorp dropped their price objective on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Atkore currently has an average rating of “Moderate Buy” and a consensus target price of $131.60.

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.