Gotham Asset Management LLC Increases Holdings in Atkore Inc. (NYSE:ATKR)

Gotham Asset Management LLC grew its holdings in shares of Atkore Inc. (NYSE:ATKR) by 61.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,129 shares of the company’s stock after purchasing an additional 7,293 shares during the quarter. Gotham Asset Management LLC’s holdings in Atkore were worth $1,596,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ATKR. First Trust Advisors LP increased its position in shares of Atkore by 195.6% during the 4th 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 last quarter. Wellington Management Group LLP increased its position in shares of Atkore by 549.9% during 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 last quarter. Norges Bank purchased a new stake in shares of Atkore during the 4th quarter valued at $42,339,000. Victory Capital Management Inc. increased its position in shares of Atkore by 3,948.4% during the 4th quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock valued at $39,291,000 after purchasing an additional 459,200 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of Atkore during the 4th quarter valued at $21,369,000.

Insiders Place Their Bets

In other news, insider Mark F. Lamps sold 1,000 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 32,828 shares of the company’s stock, valued at $2,270,384.48. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.99% of the company’s stock.

Atkore Price Performance

ATKR opened at $68.82 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.96 and a current ratio of 3.03. Atkore Inc. has a 52-week low of $49.92 and a 52-week high of $157.25. The stock has a market capitalization of $2.32 billion, a PE ratio of 6.66 and a beta of 2.10. The stock’s 50 day moving average price is $62.33 and its 200-day moving average price is $74.80.

Atkore (NYSE:ATKR) last issued its quarterly earnings results 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. The company had revenue of $701.73 million for the quarter, compared to analysts’ expectations of $690.83 million. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $4.08 earnings per share. On average, equities research analysts predict that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Friday, May 16th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.92%. This is an increase from Atkore’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, May 16th. Atkore’s payout ratio is 25.38%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Loop Capital downgraded Atkore from a “buy” rating to a “hold” rating and cut their price target for the stock from $115.00 to $65.00 in a research note on Monday, February 10th. StockNews.com upgraded Atkore from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. KeyCorp increased 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. Royal Bank of Canada increased 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. Finally, 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. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.57.

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.