JPMorgan Chase & Co. Lowers Position in Atkore Inc. (NYSE:ATKR)

JPMorgan Chase & Co. reduced its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 44.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,957 shares of the company's stock after selling 273,946 shares during the quarter. JPMorgan Chase & Co. owned 1.00% of Atkore worth $29,401,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Atkore by 26.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company's stock worth $104,599,000 after buying an additional 261,234 shares in the last quarter. American Century Companies Inc. increased its position in shares of Atkore by 22.9% in the second quarter. American Century Companies Inc. now owns 773,697 shares of the company's stock worth $104,395,000 after purchasing an additional 144,283 shares during the period. Royce & Associates LP raised its stake in Atkore by 20.2% in the third quarter. Royce & Associates LP now owns 396,054 shares of the company's stock valued at $33,562,000 after purchasing an additional 66,533 shares in the last quarter. William Blair Investment Management LLC lifted its position in Atkore by 5.4% during the second quarter. William Blair Investment Management LLC now owns 395,388 shares of the company's stock worth $53,350,000 after purchasing an additional 20,229 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Atkore by 8.9% during the second quarter. Victory Capital Management Inc. now owns 281,116 shares of the company's stock worth $37,931,000 after buying an additional 22,924 shares in the last quarter.

Atkore Stock Down 4.6 %

Atkore stock traded down $3.99 during trading on Wednesday, hitting $82.99. 584,208 shares of the company were exchanged, compared to its average volume of 471,321. The company has a market capitalization of $2.88 billion, a P/E ratio of 6.57 and a beta of 2.13. The business's 50 day moving average is $88.59 and its 200 day moving average is $99.13. Atkore Inc. has a 52 week low of $76.01 and a 52 week high of $194.98. The company has a current ratio of 2.98, a quick ratio of 1.96 and a debt-to-equity ratio of 0.50.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing analysts' consensus estimates of $2.08 by ($0.06). Atkore had a net margin of 14.77% and a return on equity of 32.14%. The firm had revenue of $788.30 million for the quarter, compared to the consensus estimate of $749.49 million. During the same period in the previous year, the business earned $3.63 earnings per share. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. Analysts predict that Atkore Inc. will post 6.69 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, December 6th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.28 annualized dividend and a yield of 1.54%. Atkore's payout ratio is currently 10.13%.

Insiders Place Their Bets

In other news, Director Jeri L. Isbell sold 3,353 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $94.03, for a total value of $315,282.59. Following the completion of the transaction, the director now directly owns 25,585 shares of the company's stock, valued at $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the sale, the insider now owns 27,626 shares in the company, valued at approximately $2,667,290.30. The trade was a 1.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,924 shares of company stock valued at $1,614,975. Company insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. B. Riley downgraded shares of Atkore from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. Loop Capital decreased their price target on shares of Atkore from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, November 22nd. Roth Capital upgraded shares of Atkore to a "strong-buy" rating in a research report on Monday, December 16th. Roth Mkm initiated coverage on shares of Atkore in a research note on Tuesday, December 17th. They issued a "buy" rating and a $100.00 price objective on the stock. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $102.00 price objective (up previously from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Atkore presently has an average rating of "Moderate Buy" and a consensus price target of $115.67.

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.