Fmr LLC Lowers Stake in Atkore Inc. (NYSE:ATKR)

Fmr LLC cut its position in shares of Atkore Inc. (NYSE:ATKR) by 64.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 485,178 shares of the company’s stock after selling 878,255 shares during the quarter. Fmr LLC’s holdings in Atkore were worth $41,114,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ATKR. Arizona State Retirement System boosted its position in Atkore by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock worth $1,389,000 after purchasing an additional 85 shares during the period. SummerHaven Investment Management LLC boosted its position in shares of Atkore by 2.0% in the second quarter. SummerHaven Investment Management LLC now owns 4,944 shares of the company’s stock worth $667,000 after buying an additional 99 shares during the period. Meixler Investment Management Ltd. grew its stake in shares of Atkore by 6.5% in the second quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company’s stock valued at $263,000 after buying an additional 119 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Atkore by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock valued at $555,000 after buying an additional 129 shares during the period. Finally, Riverwater Partners LLC lifted its position in Atkore by 1.1% during the 2nd quarter. Riverwater Partners LLC now owns 14,310 shares of the company’s stock worth $1,931,000 after acquiring an additional 159 shares in the last quarter.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the transaction, the insider now directly owns 27,626 shares in the company, valued at approximately $2,667,290.30. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Daniel S. Kelly sold 13,071 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the sale, the vice president now directly owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. This represents a 32.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,924 shares of company stock worth $1,614,975 over the last quarter. 2.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on ATKR. KeyCorp lowered 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. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 target price (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Finally, Loop Capital decreased their price objective on shares of Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $118.80.

Atkore Stock Performance

Atkore stock opened at $89.00 on Monday. Atkore Inc. has a 52 week low of $76.01 and a 52 week high of $194.98. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3.11 billion, a P/E ratio of 7.05 and a beta of 2.10. The stock has a 50 day moving average of $89.20 and a 200-day moving average of $108.31.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). The company had revenue of $788.30 million for the quarter, compared to the consensus estimate of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. The company’s revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.63 earnings per share. On average, analysts expect that Atkore Inc. will post 6.69 EPS for the current fiscal year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, December 6th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Friday, December 6th. Atkore’s dividend payout ratio is currently 10.13%.

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.