Northern Trust Corp Sells 14,768 Shares of Atkore Inc. $ATKR

Key Points

• Northern Trust Corp has reduced its holdings in Atkore Inc. by 3.8%, now owning 369,856 shares worth approximately $22.2 million.
• Several hedge funds have increased their stakes in Atkore, with Harbor Capital Advisors growing their position by 97%, now owning 526 shares valued at $32,000.
• Wall Street analysts have set price targets for Atkore, with a consensus rating of "Hold" and an average target price of $79.57, indicating a mixed outlook for the stock.

Northern Trust Corp trimmed its position in Atkore Inc. (NYSE:ATKR - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 369,856 shares of the company's stock after selling 14,768 shares during the period. Northern Trust Corp owned 1.10% of Atkore worth $22,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gates Capital Management Inc. increased its holdings in shares of 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 buying an additional 595,774 shares during the last quarter. American Century Companies Inc. increased its position in Atkore by 7.2% during the first quarter. American Century Companies Inc. now owns 840,505 shares of the company's stock worth $50,422,000 after acquiring an additional 56,692 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Atkore by 33.4% in the 1st quarter. Victory Capital Management Inc. now owns 628,300 shares of the company's stock valued at $37,692,000 after purchasing an additional 157,470 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock valued at $50,658,000 after purchasing an additional 513,631 shares during the last quarter. Finally, Royce & Associates LP grew its holdings in shares of Atkore by 8.4% during the first quarter. Royce & Associates LP now owns 447,425 shares of the company's stock worth $26,841,000 after buying an additional 34,673 shares in the last quarter.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $59.37, for a total transaction of $59,370.00. Following the completion of the transaction, the insider owned 31,873 shares in the company, valued at approximately $1,892,300.01. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ATKR. Citigroup restated a "neutral" rating and set a $80.00 price target (up from $70.00) on shares of Atkore in a report on Monday, June 9th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Atkore in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $79.57.

Atkore Trading Down 0.6%

Shares of ATKR traded down $0.34 during trading on Friday, reaching $57.87. 97,406 shares of the company traded hands, compared to its average volume of 596,763. The company has a quick ratio of 2.08, a current ratio of 3.09 and a debt-to-equity ratio of 0.52. Atkore Inc. has a twelve month low of $49.92 and a twelve month high of $105.28. The stock has a market cap of $1.95 billion, a PE ratio of 18.55 and a beta of 2.16. The stock has a 50-day simple moving average of $67.14 and a 200-day simple moving average of $65.18.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, August 19th. Atkore's payout ratio is 42.31%.

Atkore Company 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.