Atkore Inc. (NYSE:ATKR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Atkore Inc. (NYSE:ATKR) by 85.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,825 shares of the company’s stock after selling 289,010 shares during the period. Principal Financial Group Inc. owned 0.14% of Atkore worth $4,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Atkore by 26.8% during the third 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 during the last quarter. Marshall Wace LLP lifted its holdings in Atkore by 1,047.5% in the second quarter. Marshall Wace LLP now owns 224,267 shares of the company’s stock valued at $30,260,000 after acquiring an additional 204,723 shares during the period. American Century Companies Inc. boosted its position in Atkore by 22.9% in the 2nd quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock worth $104,395,000 after purchasing an additional 144,283 shares in the last quarter. M&G PLC acquired a new stake in shares of Atkore during the 3rd quarter worth approximately $9,123,000. Finally, Algert Global LLC increased its holdings 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 in the last quarter.

Insider Buying and Selling

In related news, Director Jeri L. Isbell sold 3,353 shares of Atkore stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total transaction of $315,282.59. Following the transaction, the director now owns 25,585 shares in the company, valued at approximately $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Daniel S. Kelly sold 13,071 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the sale, the vice president now owns 27,528 shares of the company’s stock, valued at approximately $2,635,530.72. The trade was a 32.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,924 shares of company stock worth $1,614,975. 1.99% of the stock is owned by insiders.

Atkore Trading Down 2.4 %

ATKR stock opened at $81.43 on Friday. The business’s 50-day moving average is $88.65 and its 200 day moving average is $100.68. Atkore Inc. has a 12-month low of $76.01 and a 12-month high of $194.98. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 6.45 and a beta of 2.10. 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 issued its quarterly earnings results 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 analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned $3.63 earnings per share. On average, sell-side analysts anticipate that Atkore Inc. will post 6.69 EPS for the current fiscal year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, December 6th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Friday, December 6th. Atkore’s dividend payout ratio is currently 10.13%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ATKR shares. Roth Mkm started coverage on shares of Atkore in a report on Tuesday, December 17th. They set a “buy” rating and a $100.00 price target on the stock. Loop Capital lowered their target price on shares of Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. KeyCorp cut their price target on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price target (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. Finally, Roth Capital upgraded Atkore to a “strong-buy” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.67.

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.