Atkore Inc. (NYSE:ATKR) Stock Position Lifted by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lifted its stake in shares of Atkore Inc. (NYSE:ATKR) by 2,642.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,947 shares of the company’s stock after purchasing an additional 28,855 shares during the quarter. Exchange Traded Concepts LLC owned about 0.09% of Atkore worth $2,499,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ATKR. Allspring Global Investments Holdings LLC raised its position in shares of Atkore by 26.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after buying an additional 261,234 shares in the last quarter. M&G PLC bought a new stake in Atkore during the third quarter worth approximately $9,123,000. Algert Global LLC lifted its position in Atkore by 331.6% in the third quarter. Algert Global LLC now owns 125,894 shares of the company’s stock worth $10,668,000 after purchasing an additional 96,724 shares during the period. Wellington Management Group LLP bought a new position in Atkore during the 3rd quarter valued at $7,916,000. Finally, Millennium Management LLC increased its position in shares of Atkore by 84.4% during the 2nd quarter. Millennium Management LLC now owns 181,120 shares of the company’s stock valued at $24,439,000 after purchasing an additional 82,903 shares during the period.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now owns 27,626 shares of the company’s stock, valued at $2,667,290.30. The trade was a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daniel S. Kelly sold 13,071 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.74, for a total value of $1,251,417.54. Following the sale, the vice president now directly owns 27,528 shares of the company’s stock, valued at $2,635,530.72. The trade was a 32.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,924 shares of company stock worth $1,614,975. Corporate insiders own 1.99% of the company’s stock.

Atkore Stock Performance

Shares of Atkore stock opened at $84.82 on Friday. The stock has a market cap of $2.95 billion, a PE ratio of 6.72 and a beta of 2.13. Atkore Inc. has a 12 month low of $76.01 and a 12 month high of $194.98. The company has a quick ratio of 1.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $86.53 and a 200-day simple moving average of $95.06.

Atkore (NYSE:ATKR) last released its earnings results on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.06). The business had revenue of $788.30 million for the quarter, compared to analysts’ expectations of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. The company’s revenue was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $3.63 EPS. On average, sell-side analysts anticipate that Atkore Inc. will post 6.62 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, December 6th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a yield of 1.51%. Atkore’s payout ratio is 10.13%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and cut their price target for the company from $135.00 to $84.00 in a report on Friday, November 22nd. Roth Capital upgraded shares of Atkore to a “strong-buy” rating in a report on Monday, December 16th. Loop Capital dropped their price target on Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price objective (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Finally, Roth Mkm initiated coverage on Atkore in a report on Tuesday, December 17th. They set a “buy” rating and a $100.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.67.

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.