Geode Capital Management LLC Reduces Stake in Atkore Inc. (NYSE:ATKR)

Geode Capital Management LLC cut its stake in Atkore Inc. (NYSE:ATKR) by 3.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 870,304 shares of the company’s stock after selling 28,923 shares during the period. Geode Capital Management LLC owned about 2.43% of Atkore worth $73,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ATKR. Allspring Global Investments Holdings LLC boosted 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 purchasing an additional 261,234 shares during the period. American Century Companies Inc. raised its position in Atkore by 22.9% in the second quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock worth $104,395,000 after acquiring an additional 144,283 shares in the last quarter. Royce & Associates LP lifted its holdings in Atkore by 20.2% in the third quarter. Royce & Associates LP now owns 396,054 shares of the company’s stock valued at $33,562,000 after acquiring an additional 66,533 shares during the period. William Blair Investment Management LLC boosted its position in shares of Atkore by 5.4% during the 2nd quarter. William Blair Investment Management LLC now owns 395,388 shares of the company’s stock worth $53,350,000 after purchasing an additional 20,229 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Atkore by 23.5% during the 2nd quarter. Principal Financial Group Inc. now owns 336,835 shares of the company’s stock worth $45,449,000 after purchasing an additional 64,050 shares in the last quarter.

Insider Activity

In other Atkore news, Director Jeri L. Isbell sold 3,353 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the sale, the director now directly owns 25,585 shares of the company’s stock, valued at approximately $2,405,757.55. This trade represents a 11.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of the company’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 transaction, 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 sold a total of 16,924 shares of company stock valued at $1,614,975 over the last 90 days. Insiders own 2.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ATKR. Roth Mkm began coverage on shares of Atkore in a report on Tuesday. They issued a “buy” rating and a $100.00 price target for the company. B. Riley cut shares of Atkore from a “buy” rating to a “neutral” rating and dropped their target price for the company from $135.00 to $84.00 in a report on Friday, November 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price target (up previously from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Roth Capital upgraded Atkore to a “strong-buy” rating in a report on Monday, December 16th. Finally, KeyCorp reduced their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, September 13th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $115.67.

Atkore Trading Up 0.8 %

Shares of ATKR opened at $83.40 on Friday. 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 1-year low of $76.01 and a 1-year high of $194.98. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 6.60 and a beta of 2.10. The firm has a 50 day simple moving average of $89.41 and a 200-day simple moving average of $104.33.

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 analysts’ expectations of $749.49 million. During the same period in the previous year, the business posted $3.63 EPS. The business’s quarterly revenue was down 9.4% on a year-over-year basis. Equities analysts forecast that Atkore Inc. will post 6.69 EPS for the current fiscal year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, December 6th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.53%. Atkore’s dividend payout ratio (DPR) is presently 10.13%.

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.