Legal & General Group Plc Cuts Stake in Atkore Inc. (NYSE:ATKR)

Legal & General Group Plc cut its holdings in shares of Atkore Inc. (NYSE:ATKR) by 8.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,396 shares of the company’s stock after selling 5,439 shares during the quarter. Legal & General Group Plc’s holdings in Atkore were worth $4,790,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in 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 during the period. Wellington Management Group LLP boosted its holdings in Atkore by 549.9% during the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock valued at $50,658,000 after acquiring an additional 513,631 shares during the period. Charles Schwab Investment Management Inc. grew its position in Atkore by 10.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 530,170 shares of the company’s stock worth $44,243,000 after acquiring an additional 50,194 shares during the last quarter. Norges Bank purchased a new position in Atkore in the 4th quarter worth approximately $42,339,000. Finally, Victory Capital Management Inc. lifted its position in Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after purchasing an additional 459,200 shares during the last quarter.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the stock in a transaction 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 sale, the insider now directly owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. This represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

ATKR has been the topic of several analyst reports. Citigroup decreased their target price 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. KeyCorp cut their target price on Atkore from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Loop Capital lowered Atkore from a “buy” rating to a “hold” rating and lowered their price target for the company from $115.00 to $65.00 in a research report on Monday, February 10th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.17.

Atkore Stock Performance

Shares of ATKR opened at $56.73 on Tuesday. Atkore Inc. has a one year low of $49.92 and a one year high of $185.42. The company has a 50-day simple moving average of $61.96 and a two-hundred day simple moving average of $77.36. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96. The firm has a market capitalization of $1.97 billion, a PE ratio of 5.49 and a beta of 2.02.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.45. The company had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $680.77 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The firm’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.12 earnings per share. On average, analysts anticipate that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, February 18th. Atkore’s dividend payout ratio (DPR) is presently 12.39%.

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.