The Manufacturers Life Insurance Company Sells 411 Shares of Atkore Inc. (NYSE:ATKR)

The Manufacturers Life Insurance Company decreased its holdings in shares of Atkore Inc. (NYSE:ATKR) by 1.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 21,519 shares of the company’s stock after selling 411 shares during the period. The Manufacturers Life Insurance Company’s holdings in Atkore were worth $1,824,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Arizona State Retirement System lifted its position in Atkore by 0.8% during the second quarter. Arizona State Retirement System now owns 10,294 shares of the company’s stock valued at $1,389,000 after purchasing an additional 85 shares during the last quarter. SummerHaven Investment Management LLC grew its position in 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 acquiring an additional 99 shares in the last quarter. Meixler Investment Management Ltd. increased its stake in 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 acquiring an additional 119 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Atkore by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company’s stock valued at $555,000 after acquiring an additional 129 shares during the last quarter. Finally, Riverwater Partners LLC raised its position in Atkore by 1.1% during the second quarter. Riverwater Partners LLC now owns 14,310 shares of the company’s stock valued at $1,931,000 after purchasing an additional 159 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ATKR shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective (up from $93.00) on shares of Atkore in a report on Wednesday, December 4th. B. Riley cut shares of Atkore from a “buy” rating to a “neutral” rating and reduced their price target for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. KeyCorp decreased their price target on shares of Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Finally, Loop Capital cut their price objective on shares of Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $118.80.

Atkore Price Performance

Shares of Atkore stock opened at $90.77 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96. Atkore Inc. has a one year low of $76.01 and a one year high of $194.98. The business’s 50 day simple moving average is $89.32 and its two-hundred day simple moving average is $107.87. The stock has a market capitalization of $3.17 billion, a P/E ratio of 7.19 and a beta of 2.10.

Atkore (NYSE:ATKR) last issued its earnings results on Thursday, November 21st. The company reported $2.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm had revenue of $788.30 million during the quarter, compared to the consensus estimate of $749.49 million. During the same quarter in the prior year, the business posted $3.63 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. Analysts forecast that Atkore Inc. will post 6.69 EPS for the current year.

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.41%. Atkore’s dividend payout ratio is currently 10.13%.

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the transaction, the insider now owns 27,626 shares in the company, valued at $2,667,290.30. The trade was a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Daniel S. Kelly sold 13,071 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now owns 27,528 shares in the company, valued at approximately $2,635,530.72. This trade represents a 32.20 % decrease in their ownership of the stock. 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 90 days. 2.56% of the stock is owned by company insiders.

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.