Clearbridge Investments LLC Sells 38,341 Shares of Atkore Inc. (NYSE:ATKR)

Clearbridge Investments LLC reduced its stake in shares of Atkore Inc. (NYSE:ATKR) by 7.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 476,567 shares of the company’s stock after selling 38,341 shares during the quarter. Clearbridge Investments LLC owned 1.31% of Atkore worth $64,303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ATKR. LifeSteps Financial Inc. bought a new position in Atkore during the 1st quarter worth approximately $33,000. Quarry LP bought a new position in shares of Atkore in the second quarter worth approximately $57,000. Mather Group LLC. grew its holdings in shares of Atkore by 895.7% in the second quarter. Mather Group LLC. now owns 468 shares of the company’s stock worth $63,000 after purchasing an additional 421 shares during the last quarter. Headlands Technologies LLC increased its stake in shares of Atkore by 829.9% in the second quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock worth $122,000 after buying an additional 805 shares during the period. Finally, Kapitalo Investimentos Ltda raised its holdings in Atkore by 2,658.8% during the 4th quarter. Kapitalo Investimentos Ltda now owns 938 shares of the company’s stock valued at $150,000 after buying an additional 904 shares during the last quarter.

Insider Transactions at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the completion of the transaction, the insider now owns 28,086 shares of the company’s stock, valued at approximately $2,681,370.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.56% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Atkore Price Performance

ATKR stock opened at $83.51 on Thursday. The company has a market cap of $3.04 billion, a P/E ratio of 5.21 and a beta of 2.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03. The firm has a 50-day moving average of $96.95 and a 200 day moving average of $136.46. Atkore Inc. has a 1 year low of $80.11 and a 1 year high of $194.98.

Atkore (NYSE:ATKR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, beating the consensus estimate of $3.52 by $0.28. The business had revenue of $822.40 million during the quarter, compared to analyst estimates of $830.16 million. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $5.13 earnings per share. On average, sell-side analysts forecast that Atkore Inc. will post 12.69 EPS for the current year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 1.53%. Atkore’s payout ratio is 7.98%.

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.