Charles Schwab Investment Management Inc. Cuts Stock Position in Atkore Inc. (NYSE:ATKR)

Charles Schwab Investment Management Inc. decreased its holdings in shares of Atkore Inc. (NYSE:ATKR) by 14.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 479,976 shares of the company’s stock after selling 82,478 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Atkore were worth $40,673,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ATKR. Allspring Global Investments Holdings LLC increased its stake in Atkore by 26.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after buying an additional 261,234 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Atkore by 1,047.5% in the second quarter. Marshall Wace LLP now owns 224,267 shares of the company’s stock worth $30,260,000 after acquiring an additional 204,723 shares during the last quarter. Boston Trust Walden Corp purchased a new stake in shares of Atkore during the second quarter worth approximately $23,306,000. American Century Companies Inc. raised its stake in Atkore by 22.9% in the 2nd quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock valued at $104,395,000 after purchasing an additional 144,283 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Atkore in the 2nd quarter valued at $17,857,000.

Wall Street Analyst Weigh In

ATKR has been the subject of a number of research reports. Royal Bank of Canada dropped their target price on shares of Atkore from $99.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, November 22nd. Loop Capital dropped 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. B. Riley lowered shares of Atkore from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. Finally, 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. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $117.00.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $96.55, for a total transaction of $48,275.00. Following the completion of the transaction, the insider now owns 27,626 shares of the company’s stock, valued at approximately $2,667,290.30. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the sale, the vice president now directly owns 27,528 shares in the company, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their position. The disclosure for this sale can be found here. 2.56% of the stock is currently owned by insiders.

Atkore Price Performance

Atkore stock opened at $94.18 on Tuesday. 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 $3.29 billion, a P/E ratio of 7.46 and a beta of 2.13. The company has a 50-day moving average price of $88.67 and a 200 day moving average price of $110.09. Atkore Inc. has a 12-month low of $76.01 and a 12-month high of $194.98.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Friday, December 6th. Atkore’s payout ratio is presently 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.