Raymond James Financial Inc. Buys New Position in Atkore Inc. (NYSE:ATKR)

Raymond James Financial Inc. bought a new stake in Atkore Inc. (NYSE:ATKR) in the fourth quarter, HoldingsChannel reports. The fund bought 102,144 shares of the company’s stock, valued at approximately $8,524,000.

A number of other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position 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 valued at $111,467,000 after purchasing an additional 134,517 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Atkore by 10.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 530,170 shares of the company’s stock valued at $44,243,000 after acquiring an additional 50,194 shares during the last quarter. Victory Capital Management Inc. raised 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 valued at $39,291,000 after acquiring an additional 459,200 shares during the last quarter. E. Ohman J or Asset Management AB raised its stake in Atkore by 55.2% during the 4th quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company’s stock valued at $26,569,000 after acquiring an additional 113,263 shares during the last quarter. Finally, Swedbank AB raised its stake in Atkore by 18.4% during the 4th quarter. Swedbank AB now owns 296,791 shares of the company’s stock valued at $24,767,000 after acquiring an additional 46,200 shares during the last quarter.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the transaction, the insider now directly owns 33,760 shares of the company’s stock, valued at $2,194,400. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ATKR has been the subject of several analyst reports. KeyCorp reduced their price objective on Atkore from $105.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Loop Capital downgraded Atkore from a “buy” rating to a “hold” rating and reduced their price objective for the company from $115.00 to $65.00 in a research note on Monday, February 10th. Roth Mkm started coverage on Atkore in a research note on Tuesday, December 17th. They set a “buy” rating and a $100.00 price objective for the company. Roth Capital raised Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 target price (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Atkore currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

Atkore Stock Performance

Shares of ATKR stock opened at $62.93 on Friday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 6.09 and a beta of 2.22. The stock has a 50 day simple moving average of $71.36 and a 200-day simple moving average of $81.65. Atkore Inc. has a 12-month low of $55.91 and a 12-month high of $194.98. 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 (NYSE:ATKR) last released its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.45. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The firm had revenue of $661.60 million during the quarter, compared to the consensus estimate of $680.77 million. During the same period last year, the business posted $4.12 EPS. Atkore’s quarterly revenue was down 17.1% on a year-over-year basis. On average, equities analysts forecast that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.03%. The ex-dividend date was Tuesday, February 18th. Atkore’s payout ratio is currently 12.39%.

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.