MorganRosel Wealth Management LLC Cuts Stock Holdings in Atkore Inc. (NYSE:ATKR)

MorganRosel Wealth Management LLC trimmed its position in shares of Atkore Inc. (NYSE:ATKR) by 34.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 4,095 shares of the company’s stock after selling 2,141 shares during the period. MorganRosel Wealth Management LLC’s holdings in Atkore were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position in shares of Atkore by 1.5% during the fourth quarter. Principal Financial Group Inc. now owns 200,175 shares of the company’s stock worth $32,028,000 after purchasing an additional 3,036 shares in the last quarter. Teza Capital Management LLC boosted its holdings in shares of Atkore by 9.2% in the third quarter. Teza Capital Management LLC now owns 1,446 shares of the company’s stock valued at $216,000 after acquiring an additional 122 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Atkore by 2.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock valued at $100,707,000 after acquiring an additional 12,189 shares during the period. Balyasny Asset Management L.P. boosted its holdings in shares of Atkore by 121.4% in 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Atkore by 3.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 564,384 shares of the company’s stock valued at $90,301,000 after acquiring an additional 19,876 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ATKR. StockNews.com downgraded Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $187.00 price target on shares of Atkore in a report on Friday, March 22nd. Finally, Citigroup decreased their price target on Atkore from $200.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th.

Insider Buying and Selling at Atkore

In other news, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the transaction, the director now owns 15,695 shares in the company, valued at $2,404,944.85. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Wilbert W. James, Jr. sold 599 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the transaction, the director now owns 15,695 shares in the company, valued at $2,404,944.85. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total value of $78,835.00. Following the completion of the transaction, the insider now owns 28,586 shares of the company’s stock, valued at approximately $4,507,154.62. The disclosure for this sale can be found here. 2.56% of the stock is owned by corporate insiders.

Atkore Price Performance

Atkore stock opened at $134.93 on Monday. Atkore Inc. has a one year low of $121.00 and a one year high of $194.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.98 and a current ratio of 3.09. The business has a fifty day moving average of $153.15 and a two-hundred day moving average of $159.51. The company has a market cap of $4.92 billion, a P/E ratio of 8.41 and a beta of 2.15.

Atkore (NYSE:ATKR) last released its earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.86. Atkore had a return on equity of 43.19% and a net margin of 18.30%. The company had revenue of $792.90 million during the quarter, compared to the consensus estimate of $808.22 million. During the same quarter last year, the company earned $4.31 earnings per share. Atkore’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, analysts predict that Atkore Inc. will post 14.93 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend was Monday, May 20th. Atkore’s dividend payout ratio (DPR) is currently 7.98%.

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.