Wedge Capital Management L L P NC Reduces Holdings in Atkore Inc. (NYSE:ATKR)

Wedge Capital Management L L P NC decreased its position in Atkore Inc. (NYSE:ATKR) by 4.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 153,135 shares of the company’s stock after selling 6,982 shares during the period. Wedge Capital Management L L P NC’s holdings in Atkore were worth $12,779,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ATKR. Allspring Global Investments Holdings LLC raised its holdings in Atkore by 26.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after purchasing an additional 261,234 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Atkore by 1,047.5% during the second quarter. Marshall Wace LLP now owns 224,267 shares of the company’s stock valued at $30,260,000 after buying an additional 204,723 shares during the last quarter. M&G PLC purchased a new position in shares of Atkore during the third quarter valued at approximately $9,123,000. Algert Global LLC grew its stake in shares of Atkore by 331.6% during the 3rd quarter. Algert Global LLC now owns 125,894 shares of the company’s stock valued at $10,668,000 after purchasing an additional 96,724 shares during the period. Finally, Wellington Management Group LLP bought a new position in Atkore in the 3rd quarter worth $7,916,000.

Atkore Price Performance

NYSE:ATKR opened at $85.14 on Friday. The business’s 50-day moving average is $87.14 and its 200 day moving average is $96.87. Atkore Inc. has a 12 month low of $76.01 and a 12 month high of $194.98. The company has a market capitalization of $2.96 billion, a P/E ratio of 6.74 and a beta of 2.13. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50.

Atkore (NYSE:ATKR) last released its quarterly earnings data on Thursday, November 21st. The company reported $2.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). The firm had revenue of $788.30 million during the quarter, compared to the consensus estimate of $749.49 million. Atkore had a return on equity of 32.14% and a net margin of 14.77%. The business’s revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.63 EPS. On average, equities research analysts forecast that Atkore Inc. will post 6.62 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, December 6th were issued a $0.32 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.50%. Atkore’s dividend payout ratio (DPR) is presently 10.13%.

Insiders Place Their Bets

In other news, Director Jeri L. Isbell sold 3,353 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total value of $315,282.59. Following the transaction, the director now directly owns 25,585 shares in the company, valued at approximately $2,405,757.55. This represents a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $96.55, for a total transaction of $48,275.00. Following the completion of the transaction, the insider now directly owns 27,626 shares in the company, valued at $2,667,290.30. This represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,924 shares of company stock valued at $1,614,975 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ATKR shares. Roth Capital raised Atkore to a “strong-buy” rating in a research note on Monday, December 16th. Roth Mkm began coverage on Atkore in a research report on Tuesday, December 17th. They issued a “buy” rating and a $100.00 price objective on the stock. Loop Capital cut their target price on Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $135.00 to $84.00 in a report on Friday, November 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price objective (up from $93.00) on shares of Atkore in a report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating, three have issued 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 a consensus price target of $115.67.

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.