Wellington Management Group LLP Increases Position in Atkore Inc. (NYSE:ATKR)

Wellington Management Group LLP boosted its position in Atkore Inc. (NYSE:ATKR) by 549.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 607,041 shares of the company’s stock after acquiring an additional 513,631 shares during the quarter. Wellington Management Group LLP owned 1.75% of Atkore worth $50,658,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ATKR. Allspring Global Investments Holdings LLC lifted its holdings 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 worth $111,467,000 after acquiring an additional 134,517 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Atkore by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 530,170 shares of the company’s stock worth $44,243,000 after purchasing an additional 50,194 shares during the last quarter. Norges Bank bought a new stake in Atkore in the fourth quarter worth $42,339,000. Victory Capital Management Inc. boosted its position in Atkore by 3,948.4% during the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after buying an additional 459,200 shares during the period. Finally, Royce & Associates LP grew its stake in shares of Atkore by 4.2% during the fourth quarter. Royce & Associates LP now owns 412,752 shares of the company’s stock valued at $34,444,000 after buying an additional 16,698 shares during the last quarter.

Atkore Stock Down 2.0 %

Shares of NYSE ATKR opened at $53.90 on Friday. The firm has a fifty day simple moving average of $66.40 and a two-hundred day simple moving average of $79.93. The firm has a market capitalization of $1.87 billion, a PE ratio of 5.22 and a beta of 2.02. 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 Inc. has a 12 month low of $50.44 and a 12 month high of $185.47.

Atkore (NYSE:ATKR) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.05 by $0.45. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business had revenue of $661.60 million during the quarter, compared to analyst estimates of $680.77 million. During the same period last year, the business posted $4.12 earnings per share. Atkore’s quarterly revenue was down 17.1% compared to the same quarter last year. Equities analysts expect that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were paid a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 annualized dividend and a yield of 2.37%. Atkore’s payout ratio is 12.39%.

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $65.00, for a total transaction of $32,500.00. Following the sale, the insider now owns 33,760 shares of the company’s stock, valued at $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ATKR. KeyCorp lowered their target price on Atkore from $105.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Roth Capital raised Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Loop Capital lowered shares of 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 report on Monday, February 10th. Finally, Roth Mkm began coverage on shares of Atkore in a report on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price target on the stock. Five investment 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, Atkore presently has an average rating of “Moderate Buy” and an average price target of $103.17.

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.