State of New Jersey Common Pension Fund D Lowers Stock Position in Atkore Inc. (NYSE:ATKR)

State of New Jersey Common Pension Fund D cut its holdings in shares of Atkore Inc. (NYSE:ATKR) by 32.4% during the second quarter, HoldingsChannel.com reports. The fund owned 13,504 shares of the company’s stock after selling 6,464 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Atkore were worth $1,822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. ICA Group Wealth Management LLC acquired a new stake in Atkore in the fourth quarter valued at $25,000. LifeSteps Financial Inc. acquired a new stake in Atkore in the first quarter valued at $33,000. Mather Group LLC. lifted its holdings in Atkore by 895.7% in the second quarter. Mather Group LLC. now owns 468 shares of the company’s stock valued at $63,000 after acquiring an additional 421 shares during the period. Quest Partners LLC acquired a new stake in Atkore in the fourth quarter valued at $86,000. Finally, Headlands Technologies LLC lifted its holdings in Atkore by 829.9% in the second quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock valued at $122,000 after acquiring an additional 805 shares during the period.

Analysts Set New Price Targets

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

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the completion of the sale, the insider now owns 28,086 shares in the company, valued at approximately $2,681,370.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.56% of the stock is owned by company insiders.

Atkore Trading Down 1.9 %

Atkore stock opened at $85.35 on Tuesday. The stock has a market cap of $3.11 billion, a PE ratio of 5.32 and a beta of 2.14. The stock has a 50-day moving average price of $105.23 and a 200 day moving average price of $140.55. Atkore Inc. has a 52 week low of $80.11 and a 52 week high of $194.98. 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 (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.28. The firm had revenue of $822.40 million during the quarter, compared to analysts’ expectations of $830.16 million. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $5.13 EPS. Equities research analysts predict 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. Shareholders of record on Tuesday, August 20th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Tuesday, August 20th. Atkore’s dividend payout ratio (DPR) is 7.98%.

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.