LSV Asset Management Sells 17,500 Shares of Atkore Inc. (NYSE:ATKR)

Key Points

• LSV Asset Management decreased its stake in Atkore Inc. by 1.9% during the first quarter, holding around $54.39 million worth of shares after selling 17,500 shares.
• Atkore announced a quarterly dividend of $0.33, reflecting an annualized yield of 1.7%, to be paid on August 29th to shareholders of record.
• Analysts have upwardly revised their price targets for Atkore, with a consensus target of $79.57 and multiple ratings shifting to "buy" status.

LSV Asset Management decreased its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 906,600 shares of the company's stock after selling 17,500 shares during the period. LSV Asset Management owned 2.61% of Atkore worth $54,387,000 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 company. CWM LLC increased its holdings in shares of Atkore by 952.0% in the first quarter. CWM LLC now owns 5,565 shares of the company's stock valued at $334,000 after buying an additional 5,036 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Atkore by 1,514.7% in the first quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $33,000 after buying an additional 515 shares in the last quarter. KBC Group NV increased its holdings in shares of Atkore by 29.5% in the first quarter. KBC Group NV now owns 1,881 shares of the company's stock valued at $113,000 after buying an additional 429 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Atkore by 3.6% in the first quarter. Principal Financial Group Inc. now owns 58,174 shares of the company's stock valued at $3,490,000 after buying an additional 2,006 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock valued at $32,000 after buying an additional 259 shares in the last quarter.

Atkore Stock Down 2.0%

NYSE:ATKR traded down $1.16 during trading hours on Thursday, reaching $55.96. The company's stock had a trading volume of 232,178 shares, compared to its average volume of 592,821. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 17.99 and a beta of 2.10. Atkore Inc. has a one year low of $49.92 and a one year high of $105.28. The business's 50-day moving average is $71.31 and its 200-day moving average is $67.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.02 and a quick ratio of 1.98.

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, topping analysts' consensus estimates 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 3.89% and a return on equity of 16.10%. Atkore's revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $4.08 earnings per share. Equities research analysts predict that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Announces Dividend

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

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the 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 owned 32,828 shares in the company, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Roth Capital set a $78.00 price target on Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Citigroup reaffirmed a "neutral" rating and issued a $80.00 price target (up previously from $70.00) on shares of Atkore in a report on Monday, June 9th. Royal Bank Of Canada upped their price target on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. KeyCorp reissued a "sector weight" rating on shares of Atkore in a research note on Wednesday. Finally, Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Atkore has an average rating of "Hold" and a consensus target price 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.