Millennium Management LLC Reduces Stock Holdings in Atkore Inc. (NYSE:ATKR)

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

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ATKR. Jones Financial Companies Lllp raised its stake in shares of Atkore by 87.7% during the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company's stock valued at $33,000 after purchasing an additional 186 shares during the period. Pacer Advisors Inc. increased its position in shares of Atkore by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock valued at $70,000 after buying an additional 195 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Atkore by 3,333.3% in the fourth quarter. Harbour Investments Inc. now owns 1,030 shares of the company's stock worth $86,000 after buying an additional 1,000 shares in the last quarter. KBC Group NV boosted its position in shares of Atkore by 47.7% in the fourth quarter. KBC Group NV now owns 1,452 shares of the company's stock valued at $121,000 after acquiring an additional 469 shares during the period. Finally, Covestor Ltd boosted its position in shares of Atkore by 88.5% in the fourth quarter. Covestor Ltd now owns 1,889 shares of the company's stock valued at $157,000 after acquiring an additional 887 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ATKR shares. Citigroup lowered their target price 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. KeyCorp raised their price target 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 objective on Atkore and gave the stock a "buy" rating in a report on Wednesday, May 7th. Royal Bank of Canada upped 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. Finally, Loop Capital downgraded shares of Atkore from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Atkore has a consensus rating of "Moderate Buy" and a consensus price target of $77.57.

Atkore Trading Down 3.6%

Shares of ATKR stock traded down $2.45 on Wednesday, hitting $65.77. 430,550 shares of the company's stock traded hands, compared to its average volume of 682,492. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 6.37 and a beta of 2.10. The company's fifty day simple moving average is $62.53 and its 200 day simple moving average is $74.48. Atkore Inc. has a one year low of $49.92 and a one 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.

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

Atkore Increases Dividend

The business also recently disclosed 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 represents a $1.32 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, May 16th. This is a positive change from Atkore's previous quarterly dividend of $0.32. Atkore's dividend payout ratio is 25.38%.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction 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 $2,270,384.48. This represents a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company 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.