Bank of New York Mellon Corp Has $20.58 Million Holdings in Atkore Inc. (NYSE:ATKR)

Bank of New York Mellon Corp lifted its stake in shares of Atkore Inc. (NYSE:ATKR) by 80.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 246,611 shares of the company’s stock after purchasing an additional 110,107 shares during the period. Bank of New York Mellon Corp owned approximately 0.71% of Atkore worth $20,580,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ATKR. Alberta Investment Management Corp boosted its position in Atkore by 16.0% in the 4th quarter. Alberta Investment Management Corp now owns 24,600 shares of the company’s stock valued at $2,053,000 after buying an additional 3,400 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Atkore by 1.7% in the fourth quarter. New York State Common Retirement Fund now owns 60,341 shares of the company’s stock valued at $5,035,000 after acquiring an additional 1,035 shares during the last quarter. Principal Financial Group Inc. increased its position in Atkore by 17.4% in the fourth quarter. Principal Financial Group Inc. now owns 56,168 shares of the company’s stock worth $4,687,000 after purchasing an additional 8,343 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in Atkore by 22.8% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 24,318 shares of the company’s stock worth $2,029,000 after purchasing an additional 4,514 shares during the last quarter. Finally, Meixler Investment Management Ltd. lifted its position in Atkore by 27.3% during the 4th quarter. Meixler Investment Management Ltd. now owns 5,164 shares of the company’s stock valued at $431,000 after purchasing an additional 1,108 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ATKR shares. Loop Capital downgraded shares of Atkore from a “buy” rating to a “hold” rating and dropped their price target for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. KeyCorp decreased their price objective on Atkore from $105.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Roth Capital upgraded Atkore to a “strong-buy” rating in a report on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price objective (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. Finally, Roth Mkm began coverage on Atkore in a report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price target for the company. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Atkore presently has an average rating of “Moderate Buy” and a consensus target price of $103.17.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the transaction, the insider now directly owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.99% of the company’s stock.

Atkore Trading Up 1.3 %

Shares of Atkore stock opened at $65.72 on Tuesday. The firm’s 50-day moving average price is $74.85 and its two-hundred day moving average price is $83.50. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 6.36 and a beta of 2.22. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. Atkore Inc. has a 12-month low of $55.91 and a 12-month high of $194.98.

Atkore (NYSE:ATKR) last posted its earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. The firm had revenue of $661.60 million during the quarter, compared to analysts’ expectations of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.12 earnings per share. On average, analysts forecast that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Tuesday, February 18th. Atkore’s dividend payout ratio (DPR) is currently 12.39%.

Atkore 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.