Atkore Inc. $ATKR Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. has reduced its stake in Atkore Inc. by 12%, selling 12,306 shares during the first quarter, and now holds about 89,838 shares valued at $5.4 million.
• Atkore recently declared a quarterly dividend of $0.33, resulting in an annualized yield of 2.3% and a payout ratio of 42.31%.
• Analysts have given Atkore an average rating of "Hold" with a consensus target price of $79.57, recent upgrades include a move from "hold" to "buy" by Wall Street Zen.

Raymond James Financial Inc. lessened its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 12.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,838 shares of the company's stock after selling 12,306 shares during the period. Raymond James Financial Inc. owned about 0.27% of Atkore worth $5,389,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Atkore by 952.0% during 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 during the period. GAMMA Investing LLC grew its holdings in shares of Atkore by 1,514.7% during 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 during the last quarter. KBC Group NV boosted its stake in Atkore by 29.5% during the 1st quarter. KBC Group NV now owns 1,881 shares of the company's stock valued at $113,000 after purchasing an additional 429 shares during the last quarter. Nuveen LLC purchased a new position in shares of Atkore in the first quarter worth $11,502,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Atkore by 3.6% during the first quarter. Principal Financial Group Inc. now owns 58,174 shares of the company's stock valued at $3,490,000 after purchasing an additional 2,006 shares in the last quarter.

Insider Activity

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the business's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.37, for a total transaction of $59,370.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.99% of the company's stock.

Atkore Stock Up 4.1%

Shares of NYSE ATKR traded up $2.41 during midday trading on Wednesday, reaching $60.65. 677,530 shares of the company's stock traded hands, compared to its average volume of 509,282. The company has a quick ratio of 2.08, a current ratio of 3.09 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 19.44 and a beta of 2.16. The stock's 50 day simple moving average is $66.06 and its 200-day simple moving average is $64.94. Atkore Inc. has a one year low of $49.92 and a one year high of $105.28.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Tuesday, August 19th were paid a $0.33 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $1.32 dividend on an annualized basis and a yield of 2.2%. Atkore's dividend payout ratio (DPR) is 42.31%.

Analyst Ratings Changes

Several research analysts have issued reports on ATKR shares. KeyCorp reissued a "sector weight" rating on shares of Atkore in a research report on Wednesday, August 6th. Citigroup reaffirmed a "neutral" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Atkore presently has an average rating of "Hold" and a consensus price target 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.