Federated Hermes Inc. Decreases Stock Position in Atkore Inc. (NYSE:ATKR)

Federated Hermes Inc. cut its holdings in Atkore Inc. (NYSE:ATKR) by 11.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 385,886 shares of the company’s stock after selling 52,258 shares during the quarter. Federated Hermes Inc.’s holdings in Atkore were worth $61,742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Teza Capital Management LLC raised its stake in shares of Atkore by 9.2% in the third quarter. Teza Capital Management LLC now owns 1,446 shares of the company’s stock worth $216,000 after purchasing an additional 122 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Atkore by 2.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock worth $100,707,000 after purchasing an additional 12,189 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Atkore by 3.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 564,384 shares of the company’s stock worth $90,301,000 after purchasing an additional 19,876 shares during the last quarter. New York Life Investment Management LLC purchased a new position in shares of Atkore in the third quarter worth about $594,000. Finally, Cambria Investment Management L.P. raised its stake in shares of Atkore by 7.2% in the third quarter. Cambria Investment Management L.P. now owns 69,971 shares of the company’s stock worth $10,439,000 after purchasing an additional 4,711 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently issued reports on ATKR shares. Royal Bank of Canada restated an “outperform” rating and issued a $187.00 price objective on shares of Atkore in a research note on Friday, March 22nd. StockNews.com upgraded Atkore from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Citigroup lifted their price target on Atkore from $176.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, April 8th.

Atkore Stock Up 0.3 %

Shares of ATKR stock opened at $171.71 on Friday. The stock has a 50 day moving average of $170.17 and a 200 day moving average of $152.17. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.51. The stock has a market cap of $6.31 billion, a P/E ratio of 10.29 and a beta of 2.19. Atkore Inc. has a twelve month low of $116.14 and a twelve month high of $194.98.

Atkore (NYSE:ATKR) last announced its quarterly earnings results on Thursday, February 1st. The company reported $4.12 earnings per share for the quarter, beating the consensus estimate of $3.08 by $1.04. The company had revenue of $798.50 million during the quarter, compared to analysts’ expectations of $777.05 million. Atkore had a return on equity of 46.79% and a net margin of 18.80%. Atkore’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business earned $4.51 earnings per share. As a group, sell-side analysts expect that Atkore Inc. will post 15.06 EPS for the current year.

Atkore Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, February 27th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend was Monday, February 26th. Atkore’s payout ratio is currently 7.67%.

Insider Buying and Selling at Atkore

In other Atkore news, Director Justin A. Kershaw sold 1,099 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.77, for a total value of $188,775.23. Following the sale, the director now directly owns 16,686 shares of the company’s stock, valued at $2,866,154.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Atkore news, Director Justin A. Kershaw sold 1,099 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.77, for a total value of $188,775.23. Following the sale, the director now directly owns 16,686 shares of the company’s stock, valued at $2,866,154.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John W. Pregenzer sold 6,548 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $158.49, for a total value of $1,037,792.52. Following the completion of the sale, the insider now directly owns 30,430 shares in the company, valued at $4,822,850.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,464 shares of company stock valued at $25,124,751. Company insiders own 2.56% 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.