Atkore Inc. (NYSE:ATKR) Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH sold 5,000 shares of Atkore Inc., reducing its stake by 30.9%, leaving it with 11,200 shares valued at $672,000.
• Multiple hedge funds increased their positions in Atkore, with Harbor Capital Advisors growing by 97.0% and GAMMA Investing LLC dramatically increasing by 1,514.7% in the first quarter.
• Atkore recently announced a quarterly dividend of $0.33, effective August 29th, reflecting a dividend yield of 1.7% and a payout ratio of 25.38%.

Allianz Asset Management GmbH cut its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 30.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,200 shares of the company's stock after selling 5,000 shares during the quarter. Allianz Asset Management GmbH's holdings in Atkore were worth $672,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. CWM LLC increased its position in Atkore by 952.0% during the first quarter. CWM LLC now owns 5,565 shares of the company's stock worth $334,000 after buying an additional 5,036 shares during the period. GAMMA Investing LLC boosted its stake in Atkore by 1,514.7% during the 1st quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $33,000 after purchasing an additional 515 shares during the period. KBC Group NV grew its position in Atkore by 29.5% during the 1st quarter. KBC Group NV now owns 1,881 shares of the company's stock worth $113,000 after purchasing an additional 429 shares during the last quarter. Principal Financial Group Inc. increased its stake in Atkore by 3.6% in the first quarter. Principal Financial Group Inc. now owns 58,174 shares of the company's stock valued at $3,490,000 after purchasing an additional 2,006 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after buying an additional 259 shares during the last quarter.

Atkore Price Performance

ATKR stock traded down $18.05 on Tuesday, reaching $58.50. The company had a trading volume of 1,705,118 shares, compared to its average volume of 583,334. The company's fifty day moving average is $71.50 and its 200 day moving average is $68.13. The company has a market cap of $1.97 billion, a P/E ratio of 11.25 and a beta of 2.10. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.98 and a current ratio of 3.02. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $108.69.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.52. The business had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. Atkore had a net margin of 6.48% and a return on equity of 20.81%. The company's quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.08 earnings per share. On average, research analysts forecast that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, August 19th. Atkore's dividend payout ratio is presently 25.38%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ATKR. KeyCorp increased their price objective on Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Royal Bank Of Canada upped their price objective on shares of Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 7th. Citigroup reaffirmed a "neutral" rating and issued a $80.00 target price (up previously from $70.00) on shares of Atkore in a report on Monday, June 9th. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Roth Capital set a $78.00 target price on shares of Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $79.57.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the business's 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 completion of the sale, the insider owned 32,828 shares in the company, valued at approximately $2,270,384.48. The trade was a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.99% of the company's stock.

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.