Cresset Asset Management LLC Cuts Stock Position in Atkore Inc. (NYSE:ATKR)

Cresset Asset Management LLC cut its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 47.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,725 shares of the company's stock after selling 4,266 shares during the quarter. Cresset Asset Management LLC's holdings in Atkore were worth $394,000 as of its most recent SEC filing.

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

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction on Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the completion of the sale, the insider now directly owns 32,828 shares in the company, valued at $2,270,384.48. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.99% of the stock is owned by company insiders.

Atkore Price Performance

Shares of Atkore stock traded down $0.31 during trading on Monday, reaching $68.61. 278,166 shares of the company's stock were exchanged, compared to its average volume of 684,347. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. Atkore Inc. has a 1-year low of $49.92 and a 1-year high of $157.25. The company has a market cap of $2.31 billion, a P/E ratio of 6.64 and a beta of 2.10. The firm's 50-day moving average price is $62.33 and its 200 day moving average price is $74.64.

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

Atkore Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th will be paid a $0.33 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.32 annualized dividend and a dividend yield of 1.92%. This is an increase from Atkore's previous quarterly dividend of $0.32. Atkore's dividend payout ratio is currently 25.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. StockNews.com raised Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. KeyCorp boosted their price objective on shares of Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Loop Capital downgraded shares of Atkore from a "buy" rating to a "hold" rating and dropped their price target for the company from $115.00 to $65.00 in a research report on Monday, February 10th. Citigroup reduced their price target on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Royal Bank of Canada upped their target price on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Atkore currently has an average rating of "Moderate Buy" and a consensus target price 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.