Ameriprise Financial Inc. Decreases Stock Holdings in Atkore Inc. (NYSE:ATKR)

Ameriprise Financial Inc. trimmed its position in Atkore Inc. (NYSE:ATKR) by 40.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 552,958 shares of the company’s stock after selling 381,501 shares during the quarter. Ameriprise Financial Inc. owned 1.59% of Atkore worth $46,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ATKR. E. Ohman J or Asset Management AB increased its position 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 purchasing an additional 113,263 shares during the period. Allspring Global Investments Holdings LLC increased its position in Atkore by 10.9% during 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. Barclays PLC increased its position in Atkore by 50.2% during the 3rd quarter. Barclays PLC now owns 70,736 shares of the company’s stock valued at $5,994,000 after purchasing an additional 23,628 shares during the period. Swedbank AB increased its position 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 purchasing an additional 46,200 shares during the period. Finally, Principal Financial Group Inc. increased its position in Atkore by 17.4% during the 4th quarter. Principal Financial Group Inc. now owns 56,168 shares of the company’s stock valued at $4,687,000 after purchasing an additional 8,343 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ATKR shares. Citigroup reduced 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. Roth Capital set a $78.00 price objective on shares of Atkore and gave the company a “buy” rating in a research report on Wednesday. Loop Capital downgraded shares of 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 report on Monday, February 10th. Royal Bank of Canada boosted their price objective 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, KeyCorp boosted their target price on shares of Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $77.57.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total value of $69,160.00. Following the transaction, the insider now owns 32,828 shares in the company, valued at $2,270,384.48. The trade was a 2.96% decrease in their position. The sale 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.

Atkore Stock Performance

Shares of ATKR stock opened at $67.95 on Monday. Atkore Inc. has a 12 month low of $49.92 and a 12 month high of $159.30. The stock has a market cap of $2.36 billion, a PE ratio of 6.58 and a beta of 2.10. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $61.77 and its 200-day moving average price is $75.23.

Atkore (NYSE:ATKR) last announced its earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.52. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The firm had revenue of $701.73 million for the quarter, compared to analysts’ expectations of $690.83 million. During the same quarter in the previous year, the business posted $4.08 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, equities analysts expect that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Friday, May 16th will be paid a $0.33 dividend. This is a boost from Atkore’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.32 dividend on an annualized basis and a yield of 1.94%. Atkore’s payout ratio is presently 25.38%.

About Atkore

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.