Wellington Management Group LLP Boosts Stake in Atkore Inc. (NYSE:ATKR)

Wellington Management Group LLP grew its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 549.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 607,041 shares of the company's stock after purchasing an additional 513,631 shares during the period. Wellington Management Group LLP owned approximately 1.75% of Atkore worth $50,658,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake 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 acquiring an additional 186 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Atkore by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock valued at $70,000 after acquiring an additional 195 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Atkore by 3,333.3% in the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company's stock valued at $86,000 after acquiring an additional 1,000 shares in the last quarter. KBC Group NV raised its stake 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 acquiring an additional 469 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Atkore by 88.5% in the fourth quarter. Covestor Ltd now owns 1,889 shares of the company's stock valued at $157,000 after acquiring an additional 887 shares in the last quarter.

Atkore Stock Performance

NYSE:ATKR traded up $0.27 during mid-day trading on Monday, reaching $65.37. The stock had a trading volume of 235,856 shares, compared to its average volume of 677,058. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 6.33 and a beta of 2.10. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $153.32. The business has a 50 day simple moving average of $62.77 and a 200 day simple moving average of $72.71.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings data 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 25.69% and a net margin of 12.42%. The firm had revenue of $701.73 million during the quarter, compared to the consensus estimate of $690.83 million. During the same period in the previous year, the firm posted $4.08 EPS. The company's quarterly revenue was down 11.5% compared to the same quarter last year. On average, analysts expect that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were paid a $0.33 dividend. This is a boost from Atkore's previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Friday, May 16th. Atkore's payout ratio is presently 25.38%.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 1,000 shares of the business's 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 of the company's stock, valued at $2,270,384.48. The trade was a 2.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ATKR shares. Loop Capital cut Atkore from a "buy" rating to a "hold" rating and reduced their price objective for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Roth Capital set a $78.00 price objective on Atkore and gave the company a "buy" rating in a research note on Wednesday, May 7th. Citigroup reduced their price objective on Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, KeyCorp increased their price objective on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.57.

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.