Zurcher Kantonalbank Zurich Cantonalbank Sells 7,717 Shares of Atkore Inc. (NYSE:ATKR)

Key Points

• Zurcher Kantonalbank significantly reduced its stake in Atkore Inc. by 43.1% during the first quarter, leaving it with 10,208 shares valued at $612,000.
• Several institutional investors have increased their holdings, with Pacer Advisors Inc. raising its stake by an astonishing 43,389.8% this quarter.
• Atkore reported earnings of $2.04 per share in its last quarter, exceeding analysts' estimates, while announcing a quarterly dividend of $0.33 per share.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 43.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,208 shares of the company's stock after selling 7,717 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Atkore were worth $612,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. First Trust Advisors LP raised its holdings in shares of Atkore by 195.6% in the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock valued at $98,009,000 after purchasing an additional 777,113 shares during the period. Gates Capital Management Inc. increased its stake in shares of Atkore by 29.6% during the fourth quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock worth $217,584,000 after purchasing an additional 595,774 shares during the period. Wellington Management Group LLP lifted its holdings in Atkore by 549.9% during the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock worth $50,658,000 after purchasing an additional 513,631 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Atkore by 43,389.8% in the 1st quarter. Pacer Advisors Inc. now owns 365,749 shares of the company's stock valued at $21,941,000 after purchasing an additional 364,908 shares during the period. Finally, T. Rowe Price Investment Management Inc. bought a new position in Atkore during the 4th quarter worth $21,369,000.

Atkore Price Performance

Shares of ATKR traded down $0.01 during mid-day trading on Friday, reaching $54.98. The company had a trading volume of 1,001,005 shares, compared to its average volume of 604,231. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 17.62 and a beta of 2.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.98 and a current ratio of 3.09. The company's 50 day simple moving average is $70.88 and its 200 day simple moving average is $67.48. Atkore Inc. has a 1-year low of $49.92 and a 1-year high of $105.28.

Atkore (NYSE:ATKR - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.52. The firm had revenue of $701.73 million for the quarter, compared to analyst estimates of $690.83 million. Atkore had a net margin of 3.89% and a return on equity of 16.16%. The company's quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $4.08 earnings per share. Analysts expect that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Atkore's dividend payout ratio is presently 42.31%.

Wall Street Analysts Forecast Growth

ATKR has been the topic of a number of recent research reports. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. 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. KeyCorp restated a "sector weight" rating on shares of Atkore in a research report on Wednesday. Roth Capital set a $78.00 target price on shares of Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, Royal Bank Of Canada upped their price target on shares of Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target 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.