Bank of New York Mellon Corp Trims Holdings in Atkore Inc. (NYSE:ATKR)

Bank of New York Mellon Corp reduced its position in shares of Atkore Inc. (NYSE:ATKR) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,397 shares of the company’s stock after selling 6,214 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Atkore worth $14,421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ATKR. First Trust Advisors LP increased its holdings in shares of Atkore by 195.6% during the fourth quarter. First Trust Advisors LP now owns 1,174,464 shares of the company’s stock valued at $98,009,000 after purchasing an additional 777,113 shares during the period. Gates Capital Management Inc. boosted its stake in Atkore by 29.6% during the fourth quarter. Gates Capital Management Inc. now owns 2,607,354 shares of the company’s stock valued at $217,584,000 after buying an additional 595,774 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Atkore by 549.9% in the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company’s stock valued at $50,658,000 after purchasing an additional 513,631 shares during the period. Norges Bank acquired a new position in shares of Atkore in the 4th quarter valued at $42,339,000. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in Atkore during the 4th quarter worth about $21,369,000.

Analyst Upgrades and Downgrades

ATKR has been the subject of several research reports. KeyCorp lifted their price target on Atkore from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Roth Capital set a $78.00 target price on Atkore and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Royal Bank Of Canada upped their price objective on Atkore from $65.00 to $70.00 and gave the company a “sector perform” rating in a report on Wednesday, May 7th. Finally, Citigroup reaffirmed a “neutral” rating and set a $80.00 price objective (up from $70.00) on shares of Atkore in a research report on Monday, June 9th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.57.

Atkore Trading Down 0.8%

NYSE ATKR opened at $74.24 on Friday. The company has a market cap of $2.50 billion, a price-to-earnings ratio of 14.28 and a beta of 2.05. 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 Inc. has a twelve month low of $49.92 and a twelve month high of $146.52. The business’s fifty day moving average is $69.71 and its 200 day moving average is $68.80.

Atkore (NYSE:ATKR) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, topping 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 analyst estimates of $690.83 million. During the same period last year, the company posted $4.08 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Friday, May 16th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.78%. This is a positive change from Atkore’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, May 16th. Atkore’s payout ratio is presently 25.38%.

Insider Buying and Selling

In related news, insider Mark F. Lamps sold 1,000 shares of the business’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $69.16, for a total value 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. The trade was a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.99% of the stock is owned by insiders.

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.