Envestnet Asset Management Inc. Decreases Stock Position in Atkore Inc. (NYSE:ATKR)

Envestnet Asset Management Inc. cut its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 32.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,518 shares of the company's stock after selling 17,686 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of Atkore worth $3,047,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Atkore by 87.7% in the fourth quarter. Jones Financial Companies Lllp now owns 398 shares of the company's stock worth $33,000 after acquiring an additional 186 shares during the period. Pacer Advisors Inc. grew its position in Atkore by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 841 shares of the company's stock worth $70,000 after acquiring an additional 195 shares during the period. Harbour Investments Inc. raised its holdings in shares of Atkore by 3,333.3% in the 4th quarter. Harbour Investments Inc. now owns 1,030 shares of the company's stock valued at $86,000 after buying an additional 1,000 shares during the period. KBC Group NV grew its stake in shares of Atkore by 47.7% in the fourth quarter. KBC Group NV now owns 1,452 shares of the company's stock worth $121,000 after acquiring an additional 469 shares in the last quarter. Finally, Matrix Trust Co lifted its stake in Atkore by 657.7% in the fourth quarter. Matrix Trust Co now owns 2,129 shares of the company's stock worth $178,000 after acquiring an additional 1,848 shares during the last quarter.

Atkore Trading Up 0.4 %

Atkore stock traded up $0.26 during mid-day trading on Tuesday, hitting $63.73. 369,645 shares of the stock were exchanged, compared to its average volume of 698,434. Atkore Inc. has a 12 month low of $49.92 and a 12 month high of $185.42. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 6.17 and a beta of 2.02. The firm's fifty day simple moving average is $61.22 and its two-hundred day simple moving average is $76.56. The company has a quick ratio of 1.96, a current ratio of 3.03 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.45. The business had revenue of $661.60 million during the quarter, compared to analysts' expectations of $680.77 million. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The business's quarterly revenue was down 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.12 EPS. Analysts forecast that Atkore Inc. will post 5.79 EPS for the current year.

Atkore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th were paid a $0.32 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.28 dividend on an annualized basis and a yield of 2.01%. Atkore's payout ratio is presently 12.39%.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the sale, the insider now directly owns 33,760 shares of the company's stock, valued at $2,194,400. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ATKR. KeyCorp dropped their price objective on shares of Atkore from $80.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Loop Capital cut Atkore from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $115.00 to $65.00 in a report on Monday, February 10th. Citigroup dropped their price objective on shares of Atkore from $78.00 to $66.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Royal Bank of Canada boosted their price target on Atkore from $64.00 to $65.00 and gave the stock a "sector perform" rating in a research note on Tuesday, April 22nd. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $75.00.

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.