Geode Capital Management LLC Has $73.76 Million Stake in Atkore Inc. (NYSE:ATKR)

Geode Capital Management LLC cut its holdings in Atkore Inc. (NYSE:ATKR - Free Report) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 870,304 shares of the company's stock after selling 28,923 shares during the period. Geode Capital Management LLC owned 2.43% of Atkore worth $73,763,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in Atkore by 26.8% in 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 during the last quarter. American Century Companies Inc. grew its stake in Atkore by 22.9% during the 2nd quarter. American Century Companies Inc. now owns 773,697 shares of the company's stock valued at $104,395,000 after purchasing an additional 144,283 shares during the last quarter. Royce & Associates LP boosted its holdings 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 during the last quarter. William Blair Investment Management LLC boosted its holdings 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 buying an additional 20,229 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Atkore by 23.5% in the 2nd quarter. Principal Financial Group Inc. now owns 336,835 shares of the company's stock valued at $45,449,000 after acquiring an additional 64,050 shares during the period.

Atkore Stock Performance

Shares of Atkore stock traded up $0.68 on Friday, reaching $83.40. 1,083,863 shares of the company were exchanged, compared to its average volume of 633,084. The company's 50-day moving average is $89.41 and its two-hundred day moving average is $104.33. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 6.60 and a beta of 2.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. Atkore Inc. has a 1-year low of $76.01 and a 1-year high of $194.98.

Atkore (NYSE:ATKR - Get Free Report) last issued 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 business had revenue of $788.30 million during the quarter, compared to analyst estimates of $749.49 million. During the same period in the previous year, the company posted $3.63 earnings per share. Atkore's revenue was down 9.4% compared to the same quarter last year. As a group, research analysts expect that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, December 6th were issued 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 1.53%. Atkore's dividend payout ratio (DPR) is presently 10.13%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, insider Mark F. Lamps sold 500 shares of Atkore stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the sale, the insider now directly owns 27,626 shares in the company, valued at $2,667,290.30. This trade represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Daniel S. Kelly sold 13,071 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total transaction of $1,251,417.54. Following the completion of the sale, the vice president now owns 27,528 shares in the company, valued at $2,635,530.72. This represents a 32.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,924 shares of company stock valued at $1,614,975 in the last quarter. Insiders own 2.56% of the company's stock.

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.