Envestnet Asset Management Inc. Has $1.91 Million Stake in Atkore Inc. (NYSE:ATKR)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Atkore Inc. by 12.7% in Q1, now owning approximately 0.09% or $1.91 million worth of the company's shares.
• Several large investors have increased their positions in Atkore, with Gates Capital Management raising its stake by 29.6% and Wellington Management Group boosting its stake by 549.9% in the fourth quarter.
• Atkore reported an earnings per share of $2.04 for the last quarter, exceeding estimates, although total revenue decreased by 11.5% compared to the previous year.

Envestnet Asset Management Inc. trimmed its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 12.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,885 shares of the company's stock after selling 4,633 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of Atkore worth $1,913,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ATKR. Harbor Capital Advisors Inc. increased its position in shares of Atkore by 97.0% in the 1st quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock worth $32,000 after purchasing an additional 259 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Atkore by 1,514.7% in the 1st quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $33,000 after buying an additional 515 shares during the period. Versant Capital Management Inc raised its position in shares of Atkore by 358.9% during the 1st quarter. Versant Capital Management Inc now owns 693 shares of the company's stock worth $42,000 after purchasing an additional 542 shares during the period. KBC Group NV lifted its position in Atkore by 29.5% in the 1st quarter. KBC Group NV now owns 1,881 shares of the company's stock valued at $113,000 after purchasing an additional 429 shares during the last quarter. Finally, Covestor Ltd lifted its position in Atkore by 88.5% in the 4th quarter. Covestor Ltd now owns 1,889 shares of the company's stock valued at $157,000 after purchasing an additional 887 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. KeyCorp raised their target price on shares of Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research note 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 company a "sector perform" rating in a research note on Wednesday, May 7th. Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Citigroup reiterated 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. Finally, Roth Capital set a $78.00 price target 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 issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $79.57.

Atkore Trading Down 1.6%

ATKR traded down $1.25 during mid-day trading on Friday, reaching $75.77. The stock had a trading volume of 504,503 shares, compared to its average volume of 445,524. The stock has a market capitalization of $2.55 billion, a P/E ratio of 14.57 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. The firm's fifty day simple moving average is $71.50 and its two-hundred day simple moving average is $68.34. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $124.69.

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

Atkore Announces Dividend

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 paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 19th. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. Atkore's payout ratio is currently 25.38%.

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 shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.99% of the stock is owned by corporate insiders.

Atkore Company 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.