Ameriprise Financial Inc. Sells 381,501 Shares of Atkore Inc. (NYSE:ATKR)

Ameriprise Financial Inc. reduced its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 40.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 552,958 shares of the company's stock after selling 381,501 shares during the period. Ameriprise Financial Inc. owned about 1.59% of Atkore worth $46,144,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ATKR. Jones Financial Companies Lllp boosted its stake in shares of Atkore by 87.7% during the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company's stock valued at $33,000 after purchasing an additional 186 shares in the last quarter. Pacer Advisors Inc. grew its stake in Atkore by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock worth $70,000 after purchasing an additional 195 shares during the period. Harbour Investments Inc. raised its holdings in Atkore by 3,333.3% in the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company's stock worth $86,000 after purchasing an additional 1,000 shares in the last quarter. KBC Group NV raised its holdings in Atkore by 47.7% in the fourth quarter. KBC Group NV now owns 1,452 shares of the company's stock worth $121,000 after purchasing an additional 469 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Atkore by 88.5% in the fourth quarter. Covestor Ltd now owns 1,889 shares of the company's stock worth $157,000 after purchasing an additional 887 shares in the last quarter.

Insider Activity

In other news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $69.16, for a total transaction of $69,160.00. Following the transaction, the insider now directly owns 32,828 shares of the company's stock, valued at $2,270,384.48. The trade was a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.99% of the company's stock.

Atkore Stock Performance

NYSE:ATKR traded down $0.72 on Friday, hitting $68.38. The stock had a trading volume of 75,181 shares, compared to its average volume of 651,995. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 6.62 and a beta of 2.10. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51. The business's 50-day simple moving average is $62.21 and its two-hundred day simple moving average is $74.92. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $157.24.

Atkore (NYSE:ATKR - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.52. The business had revenue of $701.73 million for the quarter, compared to analysts' expectations of $690.83 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The business's revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the firm posted $4.08 earnings per share. As a group, research analysts predict that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th will be given a dividend of $0.33 per share. This is a boost from Atkore's previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Friday, May 16th. Atkore's payout ratio is presently 25.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ATKR. StockNews.com raised Atkore from a "hold" rating to a "buy" rating in a research note on Monday. KeyCorp increased their target price on Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Roth Capital set a $78.00 target price on Atkore and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Loop Capital cut Atkore from a "buy" rating to a "hold" rating and cut their target price for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. Finally, Royal Bank of Canada increased their target price on Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Atkore currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.57.

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.