DnB Asset Management AS Raises Position in Atkore Inc. (NYSE:ATKR)

DnB Asset Management AS grew its position in shares of Atkore Inc. (NYSE:ATKR) by 24.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,450 shares of the company’s stock after buying an additional 27,660 shares during the quarter. DnB Asset Management AS owned 0.40% of Atkore worth $11,721,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Atkore in the 4th quarter worth $42,339,000. Easterly Investment Partners LLC bought a new position in Atkore during the 4th quarter valued at about $4,307,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Atkore by 22.9% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,700 shares of the company’s stock valued at $2,812,000 after acquiring an additional 6,281 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Atkore in the fourth quarter worth approximately $1,127,000. Finally, Quantbot Technologies LP raised its holdings in shares of Atkore by 138.8% during the fourth quarter. Quantbot Technologies LP now owns 86,283 shares of the company’s stock valued at $7,200,000 after purchasing an additional 50,152 shares during the last quarter.

Atkore Stock Down 2.9 %

ATKR stock opened at $60.54 on Friday. The business’s 50-day moving average price is $69.23 and its 200-day moving average price is $80.89. The stock has a market cap of $2.10 billion, a P/E ratio of 5.86 and a beta of 2.22. Atkore Inc. has a twelve month low of $55.91 and a twelve month high of $194.98. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51.

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

Atkore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.11%. Atkore’s payout ratio is 12.39%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Loop Capital cut shares of Atkore from a “buy” rating to a “hold” rating and dropped their target price for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 price target (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Roth Mkm started coverage on Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price objective for the company. Roth Capital upgraded Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Finally, KeyCorp lowered their price objective on shares of Atkore from $105.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Atkore currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

Insider Transactions at Atkore

In other news, insider Mark F. Lamps sold 500 shares of the business’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 transaction, the insider now owns 33,760 shares of the company’s stock, valued at approximately $2,194,400. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.99% of the company’s stock.

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.