Atkore Inc. $ATKR Position Increased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Atkore Inc. by 24.1%, owning approximately 2.24% of the company valued at $45.2 million following the acquisition of an additional 146,066 shares.
• Multiple institutional investors, including Harbor Capital Advisors and GAMMA Investing, significantly boosted their positions in Atkore during the first quarter, with increases ranging from 97.0% to 1,514.7%.
• Atkore recently announced a quarterly dividend of $0.33 per share, translating to an annual yield of 2.2%, with a payout ratio of 42.31%.

Wellington Management Group LLP raised its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 24.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 753,107 shares of the company's stock after purchasing an additional 146,066 shares during the period. Wellington Management Group LLP owned about 2.24% of Atkore worth $45,179,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. MetLife Investment Management LLC increased its position in Atkore by 0.8% in the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock worth $1,782,000 after buying an additional 171 shares during the period. SummerHaven Investment Management LLC increased its position in Atkore by 3.0% in the first quarter. SummerHaven Investment Management LLC now owns 6,039 shares of the company's stock worth $362,000 after buying an additional 177 shares during the period. Harbor Capital Advisors Inc. increased its position in Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock worth $32,000 after buying an additional 259 shares during the period. EP Wealth Advisors LLC increased its position in Atkore by 3.9% in the fourth quarter. EP Wealth Advisors LLC now owns 7,364 shares of the company's stock worth $615,000 after buying an additional 276 shares during the period. Finally, Harbour Investments Inc. increased its position in Atkore by 29.1% in the first quarter. Harbour Investments Inc. now owns 1,330 shares of the company's stock worth $80,000 after buying an additional 300 shares during the period.

Atkore Price Performance

ATKR stock traded down $0.29 during trading hours on Friday, hitting $58.29. 49,841 shares of the stock traded hands, compared to its average volume of 598,679. The stock has a 50-day simple moving average of $68.28 and a 200 day simple moving average of $65.64. Atkore Inc. has a one year low of $49.92 and a one year high of $105.28. The company has a market cap of $1.96 billion, a P/E ratio of 18.68 and a beta of 2.10. The company has a current ratio of 3.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.52.

Atkore Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $1.32 annualized dividend and a yield of 2.3%. Atkore's dividend payout ratio (DPR) is currently 42.31%.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 1,000 shares of the firm'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 completion of the transaction, the insider owned 31,873 shares of the company's stock, valued at $1,892,300.01. This trade represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on ATKR. Roth Capital set a $78.00 target price on Atkore and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Royal Bank Of Canada raised their price target on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Citigroup reissued 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 Atkore from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, KeyCorp reissued a "sector weight" rating on shares of Atkore in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $79.57.

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.