Principal Financial Group Inc. Buys 2,006 Shares of Atkore Inc. (NYSE:ATKR)

Principal Financial Group Inc. increased its holdings in shares of Atkore Inc. (NYSE:ATKR) by 3.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 58,174 shares of the company’s stock after acquiring an additional 2,006 shares during the quarter. Principal Financial Group Inc. owned about 0.17% of Atkore worth $3,490,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of ATKR. Clear Creek Financial Management LLC bought a new position in Atkore in the 1st quarter valued at approximately $352,000. KBC Group NV grew its position in Atkore by 29.5% in the 1st quarter. KBC Group NV now owns 1,881 shares of the company’s stock valued at $113,000 after purchasing an additional 429 shares during the period. Ausbil Investment Management Ltd grew its position in Atkore by 720.2% in the 1st quarter. Ausbil Investment Management Ltd now owns 32,424 shares of the company’s stock valued at $1,945,000 after purchasing an additional 28,471 shares during the period. North Growth Management Ltd. grew its stake in shares of Atkore by 94.6% in the 1st quarter. North Growth Management Ltd. now owns 72,000 shares of the company’s stock worth $4,320,000 after acquiring an additional 35,000 shares in the last quarter. Finally, Willis Investment Counsel grew its stake in shares of Atkore by 17.3% in the 1st quarter. Willis Investment Counsel now owns 6,278 shares of the company’s stock worth $377,000 after acquiring an additional 928 shares in the last quarter.

Insider Buying and Selling at Atkore

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $69.16, for a total transaction of $69,160.00. Following the completion of the sale, the insider directly owned 32,828 shares of the company’s stock, valued at $2,270,384.48. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ATKR. Wall Street Zen upgraded Atkore from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Citigroup reissued a “neutral” rating and set a $80.00 price objective (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. Royal Bank Of Canada increased their price objective on Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 7th. KeyCorp raised their price target on Atkore from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Finally, Roth Capital set a $78.00 price objective on Atkore and gave the stock a “buy” rating in a report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.57.

Atkore Stock Up 3.2%

Atkore stock opened at $74.69 on Friday. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 14.36 and a beta of 2.05. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $148.70. The business’s 50-day moving average price is $69.47 and its 200 day moving average price is $68.91. The company has a quick ratio of 1.98, a current ratio of 3.02 and a debt-to-equity ratio of 0.54.

Atkore (NYSE:ATKR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.52 by $0.52. Atkore had a return on equity of 20.81% and a net margin of 6.48%. The firm had revenue of $701.73 million during the quarter, compared to analysts’ expectations of $690.83 million. During the same quarter last year, the firm earned $4.08 earnings per share. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.77%. This is an increase from Atkore’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, May 16th. Atkore’s payout ratio is 25.38%.

About Atkore

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.