Charles Schwab Investment Management Inc. Cuts Stake in Atkore Inc. $ATKR

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Atkore Inc. by 3.0%, now holding approximately 514,370 shares valued at $30.86 million.
• Atkore recently announced a quarterly dividend of $0.33 per share, reflecting a 2.3% yield, with the payment set for August 29th.
• Several institutional investors, including Gates Capital Management and Wellington Management, increased their positions in Atkore, highlighting growing confidence in the company's prospects.

Charles Schwab Investment Management Inc. cut its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 514,370 shares of the company's stock after selling 15,800 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.48% of Atkore worth $30,857,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its position in Atkore by 97.0% during the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock worth $32,000 after buying an additional 259 shares during the period. GAMMA Investing LLC lifted its position in Atkore by 1,514.7% during the first quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $33,000 after buying an additional 515 shares during the period. New Age Alpha Advisors LLC purchased a new position in Atkore during the first quarter worth about $37,000. Versant Capital Management Inc lifted its position in Atkore by 358.9% during the first quarter. Versant Capital Management Inc now owns 693 shares of the company's stock worth $42,000 after buying an additional 542 shares during the period. Finally, Signaturefd LLC lifted its position in Atkore by 384.0% during the first quarter. Signaturefd LLC now owns 905 shares of the company's stock worth $54,000 after buying an additional 718 shares during the period.

Atkore Trading Down 0.8%

ATKR stock traded down $0.4950 during trading on Monday, reaching $59.5350. 12,655 shares of the stock traded hands, compared to its average volume of 602,444. The business's 50 day moving average price is $68.88 and its 200-day moving average price is $65.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.09 and a quick ratio of 2.08. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $105.28. The firm has a market capitalization of $2.00 billion, a PE ratio of 19.08 and a beta of 2.10.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be given a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $1.32 annualized dividend and a yield of 2.2%. Atkore's dividend payout ratio (DPR) is 42.31%.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.37, for a total value of $59,370.00. Following the transaction, the insider directly owned 31,873 shares of the company's stock, valued at $1,892,300.01. This trade represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup reiterated a "neutral" rating and set a $80.00 target price (up from $70.00) on shares of Atkore in a research report on Monday, June 9th. Royal Bank Of Canada boosted their price target 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 reissued a "sector weight" rating on shares of Atkore in a research report on Wednesday, August 6th. Wall Street Zen raised Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Roth Capital set a $78.00 price target on Atkore and gave the company a "buy" rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $79.57.

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.