Principal Financial Group Inc. Cuts Stake in Atkore Inc. (NYSE:ATKR)

Principal Financial Group Inc. cut its holdings in Atkore Inc. (NYSE:ATKR) by 85.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,825 shares of the company’s stock after selling 289,010 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Atkore worth $4,053,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Atkore by 8.7% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 14,173 shares of the company’s stock worth $2,744,000 after purchasing an additional 1,137 shares in the last quarter. Capital World Investors purchased a new stake in shares of Atkore during the 1st quarter valued at about $14,986,000. Hyperion Capital Advisors LP bought a new stake in shares of Atkore in the first quarter worth approximately $297,000. Hood River Capital Management LLC bought a new stake in Atkore in the 1st quarter worth approximately $63,900,000. Finally, BOKF NA bought a new stake in shares of Atkore in the first quarter worth $423,000.

Analysts Set New Price Targets

Several research firms have recently commented on ATKR. Royal Bank of Canada lowered Atkore from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $175.00 to $100.00 in a research note on Wednesday, August 7th. KeyCorp reduced 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. Loop Capital lowered 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, B. Riley reduced their price target 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. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.60.

Atkore Stock Up 0.5 %

NYSE:ATKR opened at $84.56 on Friday. Atkore Inc. has a twelve month low of $76.01 and a twelve month high of $194.98. The stock has a fifty day simple moving average of $87.75 and a 200-day simple moving average of $114.14. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 5.79 and a beta of 2.13. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.51%. Atkore’s dividend payout ratio is presently 8.99%.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 27,626 shares in the company, valued at $2,667,290.30. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.56% of the stock is owned by corporate insiders.

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.