Algert Global LLC Reduces Stock Holdings in Atkore Inc. (NYSE:ATKR)

Algert Global LLC reduced its stake in shares of Atkore Inc. (NYSE:ATKR) by 24.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,170 shares of the company’s stock after selling 9,539 shares during the quarter. Algert Global LLC owned 0.08% of Atkore worth $3,936,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Hodges Capital Management Inc. acquired a new stake in Atkore during the 2nd quarter valued at approximately $4,158,000. Capital World Investors acquired a new stake in Atkore during the 1st quarter valued at approximately $14,986,000. Sei Investments Co. grew its stake in Atkore by 44.3% during the 1st quarter. Sei Investments Co. now owns 65,913 shares of the company’s stock valued at $12,547,000 after purchasing an additional 20,244 shares in the last quarter. Boston Trust Walden Corp acquired a new stake in Atkore during the 2nd quarter valued at approximately $23,306,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Atkore by 1.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 449,323 shares of the company’s stock valued at $85,535,000 after purchasing an additional 4,852 shares in the last quarter.

Atkore Trading Down 1.1 %

NYSE:ATKR opened at $84.70 on Tuesday. Atkore Inc. has a 12-month low of $80.11 and a 12-month high of $194.98. The firm has a market capitalization of $3.09 billion, a P/E ratio of 5.28 and a beta of 2.14. 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 business has a 50 day simple moving average of $100.35 and a 200 day simple moving average of $138.13.

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

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors 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 yield of 1.51%. Atkore’s dividend payout ratio is currently 7.98%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. KeyCorp lowered their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. B. Riley decreased their target price on Atkore from $183.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Loop Capital decreased their target price on Atkore from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Finally, Royal Bank of Canada lowered Atkore from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $175.00 to $100.00 in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $131.60.

Insider Activity 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 transaction of $47,735.00. Following the completion of the transaction, the insider now owns 28,086 shares in the company, valued at approximately $2,681,370.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.