Invesco Ltd. Sells 106,391 Shares of Atkore Inc. (NYSE:ATKR)

Invesco Ltd. lowered its stake in shares of Atkore Inc. (NYSE:ATKR) by 16.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 537,240 shares of the company’s stock after selling 106,391 shares during the period. Invesco Ltd.’s holdings in Atkore were worth $44,833,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Round Hill Asset Management purchased a new stake in Atkore in the fourth quarter worth $657,000. Aristides Capital LLC bought a new position in shares of Atkore during the 4th quarter worth $200,000. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Atkore by 5.2% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 140,287 shares of the company’s stock worth $11,707,000 after acquiring an additional 6,967 shares during the period. Wells Fargo & Company MN increased its holdings in Atkore by 32.0% in the 4th quarter. Wells Fargo & Company MN now owns 55,479 shares of the company’s stock worth $4,630,000 after acquiring an additional 13,445 shares during the last quarter. Finally, Bryce Point Capital LLC bought a new stake in Atkore in the 4th quarter valued at about $506,000.

Atkore Stock Performance

NYSE ATKR opened at $56.99 on Wednesday. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $185.42. The company has a fifty day moving average of $62.83 and a 200-day moving average of $78.11. The company has a market capitalization of $1.98 billion, a P/E ratio of 5.52 and a beta of 2.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03.

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

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Tuesday, February 18th. Atkore’s payout ratio is currently 12.39%.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the sale, the insider now owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. This represents a 1.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ATKR shares. Citigroup reduced their target price on shares of Atkore from $78.00 to $66.00 and set a “neutral” rating for the company in a research note on Monday. Roth Mkm began coverage on shares of Atkore in a research note on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price objective for the company. Loop Capital lowered Atkore from a “buy” rating to a “hold” rating and cut their price target for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Finally, KeyCorp reduced their price target on Atkore from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.17.

Atkore 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.