Wedge Capital Management L L P NC Increases Holdings in Atkore Inc. (NYSE:ATKR)

Wedge Capital Management L L P NC raised its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 13.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 173,049 shares of the company's stock after buying an additional 19,914 shares during the period. Wedge Capital Management L L P NC owned about 0.50% of Atkore worth $10,381,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in shares of Atkore by 101.0% in the 4th quarter. Empowered Funds LLC now owns 34,134 shares of the company's stock worth $2,848,000 after purchasing an additional 17,150 shares in the last quarter. Peterson Wealth Services increased its stake in shares of Atkore by 12.4% in the 4th quarter. Peterson Wealth Services now owns 6,847 shares of the company's stock worth $571,000 after purchasing an additional 757 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Atkore by 10.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company's stock worth $111,467,000 after purchasing an additional 134,517 shares in the last quarter. Meixler Investment Management Ltd. increased its stake in shares of Atkore by 27.3% in the 4th quarter. Meixler Investment Management Ltd. now owns 5,164 shares of the company's stock worth $431,000 after purchasing an additional 1,108 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Atkore by 22.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 24,318 shares of the company's stock worth $2,029,000 after purchasing an additional 4,514 shares in the last quarter.

Atkore Stock Up 2.7%

Shares of NYSE ATKR opened at $68.28 on Monday. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. Atkore Inc. has a 12-month low of $49.92 and a 12-month high of $153.32. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 6.61 and a beta of 2.06. The firm's 50-day moving average price is $63.35 and its 200-day moving average price is $72.12.

Atkore (NYSE:ATKR - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $690.83 million. During the same period last year, the company posted $4.08 earnings per share. The company's quarterly revenue was down 11.5% compared to the same quarter last year. On average, equities research analysts anticipate that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Increases Dividend

The firm 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 of this dividend was Friday, May 16th. This is an increase from Atkore's previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.93%. Atkore's dividend payout ratio (DPR) is currently 25.38%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Loop Capital lowered Atkore from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. Roth Capital set a $78.00 target price on shares of Atkore and gave the stock a "buy" rating in a report on Wednesday, May 7th. KeyCorp upped their target price on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Wall Street Zen raised shares of Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Royal Bank of Canada upped their target price on shares of Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Atkore presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.57.

Insider Buying and Selling at Atkore

In related news, insider Mark F. Lamps sold 1,000 shares of the firm's 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 transaction, the insider now owns 32,828 shares of the company's stock, valued at $2,270,384.48. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.99% of the stock is owned by insiders.

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.

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