Truist Financial Corp Reduces Stock Position in Atkore Inc. (NYSE:ATKR)

Truist Financial Corp cut its stake in Atkore Inc. (NYSE:ATKR) by 22.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,661 shares of the company’s stock after selling 8,472 shares during the quarter. Truist Financial Corp owned 0.08% of Atkore worth $3,867,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ATKR. Tower Research Capital LLC TRC raised its stake in Atkore by 311.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,264 shares of the company’s stock valued at $1,642,000 after buying an additional 7,767 shares during the last quarter. Balyasny Asset Management L.P. increased its position in Atkore by 121.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 243,695 shares of the company’s stock valued at $38,991,000 after acquiring an additional 133,622 shares during the last quarter. Bridgewater Associates LP lifted its holdings in Atkore by 12.9% in the fourth quarter. Bridgewater Associates LP now owns 94,625 shares of the company’s stock valued at $15,140,000 after acquiring an additional 10,807 shares during the period. Argent Capital Management LLC boosted its position in Atkore by 1.3% in the fourth quarter. Argent Capital Management LLC now owns 15,191 shares of the company’s stock worth $2,431,000 after purchasing an additional 194 shares during the last quarter. Finally, Palisade Capital Management LP boosted its position in Atkore by 4.7% in the fourth quarter. Palisade Capital Management LP now owns 117,173 shares of the company’s stock worth $18,748,000 after purchasing an additional 5,248 shares during the last quarter.

Wall Street Analyst Weigh In

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

Atkore Stock Performance

ATKR opened at $84.45 on Wednesday. The firm has a market cap of $3.08 billion, a P/E ratio of 5.26 and a beta of 2.14. Atkore Inc. has a 1-year low of $80.11 and a 1-year high of $194.98. The company has a 50 day simple moving average of $92.76 and a two-hundred day simple moving average of $133.35. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03.

Atkore (NYSE:ATKR) last issued its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share for the quarter, topping the consensus estimate 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 net margin of 16.47% and a return on equity of 36.96%. Atkore’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.13 EPS. Equities analysts forecast that Atkore Inc. will post 12.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.32 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.52%. Atkore’s dividend payout ratio is presently 7.98%.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the sale, the insider now directly owns 28,086 shares of the company’s stock, valued at $2,681,370.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.56% of the stock is owned by 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.