Atkore Inc. (NYSE:ATKR) Shares Sold by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd lowered its stake in Atkore Inc. (NYSE:ATKR - Free Report) by 95.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,664 shares of the company's stock after selling 74,469 shares during the quarter. Point72 Hong Kong Ltd's holdings in Atkore were worth $306,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gates Capital Management Inc. raised its holdings in shares of Atkore by 29.6% in the fourth quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company's stock worth $217,584,000 after acquiring an additional 595,774 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Atkore by 10.9% during 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. First Trust Advisors LP increased its position in Atkore by 195.6% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in Atkore by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,090,817 shares of the company's stock valued at $91,028,000 after purchasing an additional 6,234 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Atkore by 24.2% in the 4th quarter. LSV Asset Management now owns 924,100 shares of the company's stock valued at $77,116,000 after purchasing an additional 180,160 shares in the last quarter.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 1,000 shares of Atkore stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the sale, the insider now directly owns 32,828 shares in the company, valued at $2,270,384.48. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ATKR shares. Citigroup reduced their price objective 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. 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 research note on Wednesday, May 7th. Roth Capital set a $78.00 price target on Atkore and gave the stock a "buy" rating in a research report on Wednesday, May 7th. KeyCorp raised their target price on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, Loop Capital lowered shares of Atkore from a "buy" rating to a "hold" rating and dropped their price target for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Atkore has an average rating of "Moderate Buy" and an average target price of $77.57.

Atkore Stock Performance

Shares of Atkore stock traded down $2.45 during trading on Wednesday, hitting $65.77. 430,428 shares of the stock were exchanged, compared to its average volume of 644,868. 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 12 month low of $49.92 and a 12 month high of $157.24. The stock's fifty day moving average is $62.53 and its 200 day moving average is $74.48. The stock has a market cap of $2.21 billion, a PE ratio of 6.37 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.52 by $0.52. The firm had revenue of $701.73 million during 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 quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.08 EPS. As a group, sell-side analysts anticipate that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.32 annualized dividend and a yield of 2.01%. This is an increase from Atkore's previous quarterly dividend of $0.32. Atkore's payout ratio is presently 25.38%.

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.