First Trust Advisors LP Increases Stock Position in Atkore Inc. $ATKR

First Trust Advisors LP grew its stake in shares of Atkore Inc. (NYSE:ATKR) by 13.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,757,797 shares of the company’s stock after acquiring an additional 213,858 shares during the period. First Trust Advisors LP owned 5.22% of Atkore worth $124,013,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ATKR. Dogwood Wealth Management LLC bought a new stake in shares of Atkore during the second quarter valued at about $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Atkore in the 2nd quarter valued at $28,000. Strs Ohio purchased a new position in shares of Atkore during the 1st quarter valued at $36,000. New Age Alpha Advisors LLC bought a new position in shares of Atkore in the first quarter worth $37,000. Finally, Jones Financial Companies Lllp boosted its stake in Atkore by 61.8% during the first quarter. Jones Financial Companies Lllp now owns 644 shares of the company’s stock valued at $39,000 after buying an additional 246 shares during the period.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction on Monday, November 17th. The shares were sold at an average price of $64.75, for a total value of $64,750.00. Following the transaction, the insider directly owned 29,923 shares of the company’s stock, valued at $1,937,514.25. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Citigroup decreased their target price on Atkore from $66.00 to $64.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. KeyCorp reissued a “sector weight” rating on shares of Atkore in a research note on Friday, November 14th. Weiss Ratings cut shares of Atkore from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday. Finally, Roth Capital cut their target price on shares of Atkore from $67.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.00.

Atkore Price Performance

Shares of Atkore stock opened at $63.89 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.13 and a current ratio of 3.05. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $91.96. The company has a fifty day moving average of $65.45 and a 200-day moving average of $65.84. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -122.86 and a beta of 1.57.

Atkore (NYSE:ATKR) last issued its earnings results on Wednesday, November 19th. The company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.61). Atkore had a positive return on equity of 12.98% and a negative net margin of 0.53%.The business had revenue of $752.01 million during the quarter, compared to analysts’ expectations of $733.61 million. During the same quarter in the previous year, the business earned $2.43 EPS. Atkore’s revenue for the quarter was down 4.6% compared to the same quarter last year. Equities research analysts expect that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Atkore’s dividend payout ratio is -253.85%.

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.