PNC Financial Services Group Inc. Trims Holdings in Atkore Inc. $ATKR

PNC Financial Services Group Inc. cut its stake in Atkore Inc. (NYSE:ATKR) by 31.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,515 shares of the company’s stock after selling 1,130 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Atkore were worth $151,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Van Den Berg Management I Inc. grew its position in Atkore by 0.4% during the fourth quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company’s stock worth $3,425,000 after buying an additional 158 shares in the last quarter. MetLife Investment Management LLC grew its position in Atkore by 0.8% during the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company’s stock worth $1,782,000 after buying an additional 171 shares in the last quarter. SummerHaven Investment Management LLC grew its position in Atkore by 3.0% during the first quarter. SummerHaven Investment Management LLC now owns 6,039 shares of the company’s stock worth $362,000 after buying an additional 177 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in Atkore by 97.0% during the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company’s stock worth $32,000 after buying an additional 259 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its position in Atkore by 3.9% during the fourth quarter. EP Wealth Advisors LLC now owns 7,364 shares of the company’s stock worth $615,000 after buying an additional 276 shares in the last quarter.

Insider Buying and Selling at Atkore

In other news, insider Mark F. Lamps sold 1,000 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $59.37, for a total value of $59,370.00. Following the completion of the sale, the insider owned 31,873 shares of the company’s stock, valued at approximately $1,892,300.01. The trade was a 3.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.99% of the company’s stock.

Atkore Trading Up 0.2%

NYSE ATKR opened at $58.00 on Tuesday. Atkore Inc. has a 1-year low of $49.92 and a 1-year high of $105.28. The company has a current ratio of 3.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average of $69.68 and a 200-day moving average of $66.16. The firm has a market cap of $1.95 billion, a PE ratio of 18.59 and a beta of 2.10.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Atkore’s payout ratio is 42.31%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. KeyCorp restated a “sector weight” rating on shares of Atkore in a research report on Wednesday, August 6th. Citigroup reaffirmed a “neutral” rating and set a $80.00 price target (up previously from $70.00) on shares of Atkore in a research note on Monday, June 9th. Royal Bank Of Canada lifted 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. Roth Capital set a $78.00 price target on Atkore and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised Atkore from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $79.57.

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.