Bank of America Corp DE Has $24.65 Million Stake in Atkore Inc. (NYSE:ATKR)

Bank of America Corp DE lessened its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 52.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 295,386 shares of the company's stock after selling 326,086 shares during the period. Bank of America Corp DE owned 0.85% of Atkore worth $24,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in ATKR. Barclays PLC raised its holdings in Atkore by 50.2% during the third quarter. Barclays PLC now owns 70,736 shares of the company's stock worth $5,994,000 after purchasing an additional 23,628 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Atkore by 2,642.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 29,947 shares of the company's stock worth $2,499,000 after purchasing an additional 28,855 shares in the last quarter. Linden Thomas Advisory Services LLC raised its holdings in Atkore by 16.7% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 3,799 shares of the company's stock worth $317,000 after purchasing an additional 544 shares in the last quarter. KBC Group NV raised its holdings in Atkore by 47.7% during the fourth quarter. KBC Group NV now owns 1,452 shares of the company's stock worth $121,000 after purchasing an additional 469 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Atkore by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock worth $70,000 after purchasing an additional 195 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have issued reports on ATKR. KeyCorp lifted their price target on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Loop Capital lowered shares of Atkore from a "buy" rating to a "hold" rating and decreased their price target for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Citigroup decreased their price target on shares of Atkore from $78.00 to $66.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada lifted their price target on shares of Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 7th. Finally, Roth Capital set a $78.00 price objective on shares of Atkore and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $77.57.

Insider Transactions 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 now owns 32,828 shares in the company, valued at approximately $2,270,384.48. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.99% of the company's stock.

Atkore Stock Down 0.8%

Shares of NYSE:ATKR traded down $0.52 during trading on Friday, reaching $65.30. 251,974 shares of the company traded hands, compared to its average volume of 682,256. The firm has a fifty day simple moving average of $62.56 and a 200 day simple moving average of $73.87. The firm has a market cap of $2.20 billion, a P/E ratio of 6.32 and a beta of 2.10. Atkore Inc. has a 1-year low of $49.92 and a 1-year high of $157.25. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51.

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. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business had revenue of $701.73 million during the quarter, compared to analyst estimates of $690.83 million. During the same quarter in the previous year, the business earned $4.08 EPS. Atkore's quarterly revenue was down 11.5% compared to the same quarter last year. Analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.33 per share. This is an increase from Atkore's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.32 annualized dividend and a dividend yield of 2.02%. Atkore's payout ratio is presently 25.38%.

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.