Atkore Inc. (NYSE:ATKR) Shares Sold by State Street Corp

State Street Corp trimmed its position in Atkore Inc. (NYSE:ATKR) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 880,391 shares of the company’s stock after selling 13,524 shares during the period. State Street Corp owned 2.45% of Atkore worth $74,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Atkore in the second quarter valued at about $57,000. Signaturefd LLC raised its position in Atkore by 445.6% during the 3rd quarter. Signaturefd LLC now owns 491 shares of the company’s stock worth $42,000 after buying an additional 401 shares during the last quarter. Headlands Technologies LLC lifted its stake in Atkore by 829.9% during the 2nd 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. Covestor Ltd increased its stake in shares of Atkore by 63.7% in the third quarter. Covestor Ltd now owns 1,002 shares of the company’s stock worth $85,000 after acquiring an additional 390 shares during the period. Finally, Pinnacle Associates Ltd. acquired a new position in Atkore during the third quarter valued at $126,000.

Insider Activity at Atkore

In other news, Director Jeri L. Isbell sold 3,353 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the sale, the director now directly owns 25,585 shares in the company, valued at $2,405,757.55. This represents a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Daniel S. Kelly sold 13,071 shares of Atkore stock in a transaction that occurred 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 transaction, the vice president now 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. In the last ninety days, insiders sold 16,924 shares of company stock valued at $1,614,975. 2.56% of the stock is owned by insiders.

Atkore Stock Performance

NYSE:ATKR opened at $85.25 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. The stock has a market capitalization of $2.98 billion, a PE ratio of 6.75 and a beta of 2.10. Atkore Inc. has a fifty-two week low of $76.01 and a fifty-two week high of $194.98. The company has a fifty day moving average of $89.61 and a two-hundred day moving average of $105.54.

Atkore (NYSE:ATKR) last released its quarterly earnings results on Thursday, November 21st. The company reported $2.02 earnings per share 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 company had revenue of $788.30 million for the quarter, compared to analyst estimates of $749.49 million. During the same quarter last year, the company earned $3.63 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, research analysts forecast that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, December 6th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, December 6th. Atkore’s payout ratio is 10.13%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ATKR. KeyCorp cut their price target on Atkore from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 price objective (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. B. Riley cut shares of Atkore from a “buy” rating to a “neutral” rating and decreased their target price for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. Loop Capital dropped their price target on shares of Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Finally, Roth Mkm assumed coverage on shares of Atkore in a research report on Tuesday. They issued a “buy” rating and a $100.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $115.67.

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.