Millennium Management LLC Cuts Stake in Atkore Inc. (NYSE:ATKR)

Millennium Management LLC lowered its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 7.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 423,464 shares of the company's stock after selling 32,474 shares during the quarter. Millennium Management LLC owned 1.22% of Atkore worth $35,338,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Van Den Berg Management I Inc. increased its stake in shares of Atkore by 0.4% in the 4th quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company's stock valued at $3,425,000 after acquiring an additional 158 shares in the last quarter. Isthmus Partners LLC increased its stake in shares of Atkore by 0.8% in the 4th quarter. Isthmus Partners LLC now owns 21,441 shares of the company's stock valued at $1,789,000 after acquiring an additional 162 shares in the last quarter. Xponance Inc. increased its stake in shares of Atkore by 6.9% in the 4th quarter. Xponance Inc. now owns 2,569 shares of the company's stock valued at $214,000 after acquiring an additional 166 shares in the last quarter. Willis Investment Counsel increased its stake in shares of Atkore by 3.3% in the 4th quarter. Willis Investment Counsel now owns 5,350 shares of the company's stock valued at $446,000 after acquiring an additional 171 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Atkore by 0.8% in the 4th quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock valued at $1,782,000 after acquiring an additional 171 shares in the last quarter.

Atkore Stock Down 0.8%

NYSE ATKR traded down $0.52 during mid-day trading on Friday, hitting $65.30. The company's stock had a trading volume of 251,974 shares, compared to its average volume of 681,235. The company's 50 day simple moving average is $62.56 and its 200 day simple moving average is $74.08. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $157.25. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 6.32 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $4.08 EPS. Analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

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

Wall Street Analyst Weigh In

ATKR has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Loop Capital lowered shares of Atkore from a "buy" rating to a "hold" rating and lowered their price objective for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Royal Bank of Canada lifted their price target 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. Roth Capital set a $78.00 price target on shares of Atkore and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, KeyCorp lifted their price target on shares of Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Atkore currently has an average rating of "Moderate Buy" and an average target price of $77.57.

Insiders Place Their Bets

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 transaction, the insider now directly owns 32,828 shares of the company's stock, valued at approximately $2,270,384.48. The trade was a 2.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.