Bank of America Corp DE Reduces Position in Atkore Inc. (NYSE:ATKR)

Bank of America Corp DE lowered its position in Atkore Inc. (NYSE:ATKR - Free Report) by 52.5% in 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 quarter. Bank of America Corp DE owned approximately 0.85% of Atkore worth $24,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Algert Global LLC increased its holdings in shares of Atkore by 36.0% in the 4th quarter. Algert Global LLC now owns 171,161 shares of the company's stock valued at $14,283,000 after acquiring an additional 45,267 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in Atkore during the 4th quarter worth $225,000. AQR Capital Management LLC increased its stake in Atkore by 6.7% in the fourth quarter. AQR Capital Management LLC now owns 49,939 shares of the company's stock valued at $4,167,000 after purchasing an additional 3,150 shares during the period. AdvisorShares Investments LLC purchased a new stake in shares of Atkore in the fourth quarter valued at about $476,000. Finally, Northern Trust Corp raised its holdings in shares of Atkore by 9.3% in the fourth quarter. Northern Trust Corp now owns 384,624 shares of the company's stock valued at $32,097,000 after buying an additional 32,792 shares during the last quarter.

Atkore Trading Down 0.9%

NYSE:ATKR opened at $68.82 on Monday. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $157.25. 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 stock has a fifty day moving average price of $62.33 and a two-hundred day moving average price of $74.64. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 6.66 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.52 by $0.52. The firm had revenue of $701.73 million during the quarter, compared to analysts' expectations of $690.83 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business's revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $4.08 earnings per share. As a group, sell-side analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.33 per share. This is a positive change from Atkore's previous quarterly dividend of $0.32. The ex-dividend date is Friday, May 16th. This represents a $1.32 annualized dividend and a dividend yield of 1.92%. Atkore's payout ratio is 25.38%.

Insider Transactions at Atkore

In related 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 value of $69,160.00. Following the sale, the insider now directly owns 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

ATKR has been the topic of a number of research reports. Loop Capital lowered Atkore from a "buy" rating to a "hold" rating and lowered their price target for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Royal Bank of Canada increased their price objective on Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 7th. KeyCorp boosted their target price on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Roth Capital set a $78.00 price target on Atkore and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Finally, StockNews.com upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.

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