EDENTREE ASSET MANAGEMENT Ltd Has $4.03 Million Stake in Atkore Inc. (NYSE:ATKR)

EDENTREE ASSET MANAGEMENT Ltd lowered its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 20.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,315 shares of the company's stock after selling 12,765 shares during the quarter. EDENTREE ASSET MANAGEMENT Ltd owned approximately 0.14% of Atkore worth $4,030,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Trust Advisors LP grew its position in shares of Atkore by 195.6% during the 4th quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock worth $98,009,000 after buying an additional 777,113 shares during the period. Gates Capital Management Inc. boosted its stake in Atkore by 29.6% during the 4th quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock worth $217,584,000 after acquiring an additional 595,774 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 acquiring an additional 513,631 shares during the last quarter. Norges Bank bought a new position in Atkore in the fourth quarter valued at approximately $42,339,000. Finally, Victory Capital Management Inc. lifted its stake in Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company's stock valued at $39,291,000 after buying an additional 459,200 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ATKR shares. Royal Bank of Canada boosted their price objective 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. Roth Capital set a $78.00 price objective on shares of Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Loop Capital downgraded shares of Atkore from a "buy" rating to a "hold" rating and decreased their price objective for the company from $115.00 to $65.00 in a 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 note on Monday, April 14th. Finally, Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $77.57.

Atkore Trading Down 0.8%

NYSE ATKR traded down $0.52 during trading hours on Friday, reaching $65.30. The company's stock had a trading volume of 251,974 shares, 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 stock 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 52 week low of $49.92 and a 52 week high of $157.25. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96.

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

Atkore Increases Dividend

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

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction that occurred on 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 now owns 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.99% of the company's stock.

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.