Edgestream Partners L.P. Buys New Position in Atkore Inc. (NYSE:ATKR)

Edgestream Partners L.P. acquired a new stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 71,866 shares of the company's stock, valued at approximately $4,311,000. Edgestream Partners L.P. owned 0.21% of Atkore at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Gates Capital Management Inc. increased its position 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 acquiring an additional 595,774 shares in the last quarter. First Trust Advisors LP increased its position in shares of Atkore by 195.6% during the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock worth $98,009,000 after acquiring an additional 777,113 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Atkore by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company's stock worth $91,028,000 after acquiring an additional 6,234 shares in the last quarter. LSV Asset Management increased its position in shares of Atkore by 24.2% during the fourth quarter. LSV Asset Management now owns 924,100 shares of the company's stock worth $77,116,000 after acquiring an additional 180,160 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Atkore by 549.9% during the fourth 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 in the last quarter.

Atkore Price Performance

NYSE ATKR traded down $0.26 on Friday, hitting $74.58. The stock had a trading volume of 100,170 shares, compared to its average volume of 575,272. The firm has a 50-day moving average of $69.47 and a 200-day moving average of $68.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.98 and a current ratio of 3.02. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 14.37 and a beta of 2.05. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $146.52.

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

Atkore Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.77%. This is a boost from Atkore's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, May 16th. Atkore's dividend payout ratio (DPR) is currently 25.38%.

Analysts Set New Price Targets

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

Insider Activity at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the firm'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 completion of the sale, the insider directly owned 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.99% of the company's stock.

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.