Envestnet Asset Management Inc. Reduces 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. cut its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 12.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,885 shares of the company's stock after selling 4,633 shares during the period. Envestnet Asset Management Inc. owned 0.09% of Atkore worth $1,913,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in 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 purchasing an additional 515 shares during the last quarter. KBC Group NV increased its holdings 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. Principal Financial Group Inc. increased its holdings in Atkore by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 58,174 shares of the company's stock valued at $3,490,000 after purchasing an additional 2,006 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Atkore by 97.0% in the 1st quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after purchasing an additional 259 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Atkore in the 1st quarter valued at approximately $1,841,000.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the 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 completion of the sale, the insider owned 32,828 shares in the company, valued at approximately $2,270,384.48. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.99% of the company's stock.

Atkore Stock Down 0.4%

Shares of ATKR stock traded down $0.34 on Wednesday, reaching $77.71. 411,965 shares of the stock were exchanged, compared to its average volume of 444,159. 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's 50 day moving average price is $70.83 and its 200 day moving average price is $68.38. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 14.94 and a beta of 2.05. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $139.00.

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

Atkore Announces Dividend

The firm also recently announced 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. This represents a $1.32 annualized dividend and a dividend yield of 1.70%. Atkore's dividend payout ratio (DPR) is 25.38%.

Wall Street Analyst Weigh In

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

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.