EDENTREE ASSET MANAGEMENT Ltd Reduces Position in Atkore Inc. (NYSE:ATKR)

EDENTREE ASSET MANAGEMENT Ltd cut its position in Atkore Inc. (NYSE:ATKR) by 20.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,315 shares of the company’s stock after selling 12,765 shares during the period. EDENTREE ASSET MANAGEMENT Ltd owned 0.14% of Atkore worth $4,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp increased its position in shares of Atkore by 87.7% in the 4th quarter. Jones Financial Companies Lllp now owns 398 shares of the company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Atkore by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 841 shares of the company’s stock valued at $70,000 after purchasing an additional 195 shares during the last quarter. Harbour Investments Inc. increased its position in shares of Atkore by 3,333.3% in the 4th quarter. Harbour Investments Inc. now owns 1,030 shares of the company’s stock valued at $86,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV increased its position in shares of Atkore by 47.7% in the 4th quarter. KBC Group NV now owns 1,452 shares of the company’s stock valued at $121,000 after purchasing an additional 469 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Atkore by 88.5% in the 4th quarter. Covestor Ltd now owns 1,889 shares of the company’s stock valued at $157,000 after purchasing an additional 887 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 1,000 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $69.16, for a total value of $69,160.00. Following the completion of the sale, the insider now owns 32,828 shares in the company, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on ATKR. Citigroup dropped their price objective on shares of Atkore from $78.00 to $66.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Loop Capital downgraded shares of Atkore from a “buy” rating to a “hold” rating and dropped their target price for the company from $115.00 to $65.00 in a research report on Monday, February 10th. KeyCorp increased their target price on shares of Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Royal Bank of Canada increased their target price on shares of Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 7th. Finally, StockNews.com raised shares of Atkore from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.57.

Atkore Trading Down 3.6%

Shares of Atkore stock opened at $65.77 on Thursday. Atkore Inc. has a 1 year low of $49.92 and a 1 year high of $157.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. The company has a market capitalization of $2.21 billion, a P/E ratio of 6.37 and a beta of 2.10. The company’s fifty day moving average is $62.55 and its two-hundred day moving average is $74.42.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.52. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. During the same period last year, the firm posted $4.08 EPS. Atkore’s revenue for the quarter was down 11.5% on a year-over-year basis. Analysts forecast that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

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