Atkore Inc. (NYSE:ATKR) Stake Cut by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in Atkore Inc. (NYSE:ATKR) by 43.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,208 shares of the company’s stock after selling 7,717 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Atkore were worth $612,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in shares of Atkore by 43,389.8% during the 1st quarter. Pacer Advisors Inc. now owns 365,749 shares of the company’s stock worth $21,941,000 after purchasing an additional 364,908 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Atkore during the 1st quarter worth about $201,000. Royce & Associates LP raised its stake in shares of Atkore by 8.4% during the 1st quarter. Royce & Associates LP now owns 447,425 shares of the company’s stock worth $26,841,000 after purchasing an additional 34,673 shares in the last quarter. KLP Kapitalforvaltning AS raised its stake in shares of Atkore by 24.4% during the 1st quarter. KLP Kapitalforvaltning AS now owns 16,800 shares of the company’s stock worth $1,008,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Peterson Wealth Services raised its stake in shares of Atkore by 14.9% during the 1st quarter. Peterson Wealth Services now owns 7,864 shares of the company’s stock worth $472,000 after purchasing an additional 1,017 shares in the last quarter.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of Atkore 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 sale, the insider owned 32,828 shares of the company’s stock, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. KeyCorp reaffirmed a “sector weight” rating on shares of Atkore in a research note on Wednesday. Citigroup reaffirmed a “neutral” rating and set a $80.00 price target (up from $70.00) on shares of Atkore in a research note on Monday, June 9th. Royal Bank Of Canada raised their price target on Atkore from $65.00 to $70.00 and gave the stock a “sector perform” rating in a research note 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. Finally, Roth Capital set a $78.00 price objective on Atkore and gave the company a “buy” rating in a research note on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $79.57.

Atkore Stock Performance

ATKR opened at $57.14 on Thursday. The firm has a market capitalization of $1.92 billion, a P/E ratio of 18.31 and a beta of 2.10. The stock’s 50 day moving average price is $71.31 and its two-hundred day moving average price is $67.92. 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 12-month low of $49.92 and a 12-month high of $105.28.

Atkore (NYSE:ATKR) last released its earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.52. Atkore had a return on equity of 16.10% and a net margin of 3.89%. The firm had revenue of $701.73 million for the quarter, compared to analyst estimates of $690.83 million. During the same quarter last year, the firm posted $4.08 EPS. The company’s revenue was down 11.5% on a year-over-year basis. On average, equities analysts forecast that Atkore Inc. will post 5.79 earnings per share for the current year.

Atkore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Atkore’s dividend payout ratio (DPR) is presently 42.31%.

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.