Vest Financial LLC Invests $1.39 Million in Atkore Inc. (NYSE:ATKR)

Vest Financial LLC purchased a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 23,177 shares of the company's stock, valued at approximately $1,390,000. Vest Financial LLC owned 0.07% of Atkore as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. First Trust Advisors LP increased its stake in Atkore by 195.6% during the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company's stock worth $98,009,000 after purchasing an additional 777,113 shares during the period. Gates Capital Management Inc. boosted its holdings in Atkore by 29.6% in the fourth quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock valued at $217,584,000 after purchasing an additional 595,774 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Atkore by 549.9% in the fourth 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 in the last quarter. Norges Bank acquired a new position in Atkore in the fourth quarter valued at approximately $42,339,000. Finally, Victory Capital Management Inc. boosted its stake in Atkore by 3,948.4% during the 4th quarter. Victory Capital Management Inc. now owns 470,830 shares of the company's stock worth $39,291,000 after purchasing an additional 459,200 shares during the period.

Atkore Price Performance

ATKR opened at $68.28 on Friday. The stock has a market capitalization of $2.30 billion, a PE ratio of 6.61 and a beta of 2.06. 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 Inc. has a 1 year low of $49.92 and a 1 year high of $153.32. The company's 50 day simple moving average is $63.35 and its 200 day simple moving average is $72.20.

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

Atkore Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Friday, May 16th were paid a dividend of $0.33 per share. The ex-dividend date was Friday, May 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.93%. This is a positive change from Atkore's previous quarterly dividend of $0.32. Atkore's dividend payout ratio (DPR) is currently 25.38%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ATKR. Loop Capital downgraded Atkore from a "buy" rating to a "hold" rating and lowered their target price for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Royal Bank of Canada raised their target price on shares of Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Citigroup decreased their price target 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. Finally, Roth Capital set a $78.00 price target on shares of Atkore and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Atkore currently has an average rating of "Moderate Buy" and an average price target of $77.57.

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.

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