Allspring Global Investments Holdings LLC Has $63.76 Million Stock Position in Atkore Inc. (NYSE:ATKR)

Allspring Global Investments Holdings LLC lowered its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 22.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,062,353 shares of the company's stock after selling 306,514 shares during the quarter. Allspring Global Investments Holdings LLC owned about 3.06% of Atkore worth $63,762,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Gates Capital Management Inc. raised its holdings in shares of Atkore by 29.6% during the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock valued at $217,584,000 after buying an additional 595,774 shares during the period. First Trust Advisors LP increased its stake 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 period. Dimensional Fund Advisors LP lifted its holdings in 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 buying an additional 6,234 shares in the last quarter. LSV Asset Management lifted its holdings in 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 buying an additional 180,160 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock valued at $50,658,000 after buying an additional 513,631 shares during the last quarter.

Atkore Stock Performance

NYSE ATKR traded down $0.16 during trading hours on Thursday, reaching $75.15. The company's stock had a trading volume of 248,020 shares, compared to its average volume of 661,951. The company has a current ratio of 3.02, a quick ratio of 1.98 and a debt-to-equity ratio of 0.54. The business has a 50-day simple moving average of $67.56 and a 200 day simple moving average of $69.53. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $153.32. The stock has a market cap of $2.53 billion, a PE ratio of 14.45 and a beta of 2.05.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly 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. Atkore had a return on equity of 20.81% and a net margin of 6.48%. The business had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. During the same quarter last year, the business posted $4.08 EPS. The business's revenue was down 11.5% on a year-over-year basis. Equities research analysts predict that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.32 annualized dividend and a yield of 1.76%. This is an increase from Atkore's previous quarterly dividend of $0.32. Atkore's payout ratio is presently 25.38%.

Insider Transactions at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of Atkore 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 sale, the insider directly owned 32,828 shares in the company, valued at $2,270,384.48. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ATKR shares. Citigroup reiterated a "neutral" rating and issued a $80.00 price target (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. 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. 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 report on Monday, May 12th. Finally, Roth Capital set a $78.00 price objective on shares of Atkore and gave the stock a "buy" rating in a report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Atkore presently has a consensus rating of "Moderate Buy" and a consensus target price of $79.57.

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.