Allianz Asset Management GmbH Reduces Stock Holdings in Atkore Inc. (NYSE:ATKR)

Allianz Asset Management GmbH lessened its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 30.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 institutional investors and hedge funds have also recently bought and sold shares of the company. Gates Capital Management Inc. raised its stake in shares of Atkore by 29.6% in the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock valued at $217,584,000 after purchasing an additional 595,774 shares in the last quarter. First Trust Advisors LP lifted its holdings in Atkore by 195.6% during the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock worth $98,009,000 after buying an additional 777,113 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Atkore by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company's stock worth $91,028,000 after acquiring an additional 6,234 shares in the last quarter. LSV Asset Management grew its position in shares of Atkore by 24.2% in the 4th quarter. LSV Asset Management now owns 924,100 shares of the company's stock worth $77,116,000 after acquiring an additional 180,160 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Atkore by 33.4% in the 1st quarter. Victory Capital Management Inc. now owns 628,300 shares of the company's stock valued at $37,692,000 after acquiring an additional 157,470 shares during the last quarter.

Atkore Trading Down 1.6%

Atkore stock opened at $75.77 on Friday. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $124.69. The company has a quick ratio of 1.98, a current ratio of 3.02 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 14.57 and a beta of 2.10. The firm has a 50-day moving average price of $71.50 and a two-hundred day moving average price of $68.34.

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

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Tuesday, August 19th. Atkore's dividend payout ratio is currently 25.38%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank Of Canada raised their price objective on Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. KeyCorp raised their price target on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Citigroup reiterated a "neutral" rating and set a $80.00 price objective (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. Finally, Roth Capital set a $78.00 target price on Atkore and gave the company a "buy" rating in a research note on Wednesday, May 7th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.57.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the transaction, the insider owned 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This trade represents 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. 1.99% of the stock is owned by corporate insiders.

About Atkore

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.

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