Geode Capital Management LLC Trims Stock Position in Atkore Inc. (NYSE:ATKR)

Geode Capital Management LLC cut its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 870,304 shares of the company's stock after selling 28,923 shares during the quarter. Geode Capital Management LLC owned approximately 2.43% of Atkore worth $73,763,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Arizona State Retirement System boosted its position in shares of Atkore by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 10,294 shares of the company's stock worth $1,389,000 after purchasing an additional 85 shares in the last quarter. Meixler Investment Management Ltd. raised its stake in Atkore by 6.5% during the 2nd quarter. Meixler Investment Management Ltd. now owns 1,947 shares of the company's stock worth $263,000 after buying an additional 119 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Atkore by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 4,115 shares of the company's stock worth $555,000 after acquiring an additional 129 shares in the last quarter. Cornercap Investment Counsel Inc. grew its stake in Atkore by 3.9% in the third quarter. Cornercap Investment Counsel Inc. now owns 5,090 shares of the company's stock valued at $431,000 after acquiring an additional 189 shares during the period. Finally, Quarry LP increased its holdings in shares of Atkore by 48.8% during the third quarter. Quarry LP now owns 634 shares of the company's stock valued at $54,000 after acquiring an additional 208 shares in the last quarter.

Insider Activity at Atkore

In related news, VP Daniel S. Kelly sold 13,071 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.74, for a total value of $1,251,417.54. Following the completion of the transaction, the vice president now directly owns 27,528 shares of the company's stock, valued at approximately $2,635,530.72. This trade represents a 32.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeri L. Isbell sold 3,353 shares of the business's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total transaction of $315,282.59. Following the sale, the director now directly owns 25,585 shares in the company, valued at $2,405,757.55. The trade was a 11.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,924 shares of company stock worth $1,614,975. Insiders own 2.56% of the company's stock.

Atkore Stock Up 0.8 %

Shares of ATKR traded up $0.68 during trading hours on Friday, reaching $83.40. 1,083,863 shares of the stock traded hands, compared to its average volume of 633,084. Atkore Inc. has a 52 week low of $76.01 and a 52 week high of $194.98. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 6.60 and a beta of 2.10. The stock has a fifty day simple moving average of $89.41 and a 200 day simple moving average of $104.07. 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 posted its earnings results on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.06). The firm had revenue of $788.30 million for the quarter, compared to the consensus estimate of $749.49 million. Atkore had a return on equity of 32.14% and a net margin of 14.77%. Atkore's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.63 EPS. On average, equities analysts forecast that Atkore Inc. will post 6.69 EPS for the current year.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, December 6th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.53%. The ex-dividend date was Friday, December 6th. Atkore's dividend payout ratio is 10.13%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. KeyCorp cut their target price on Atkore from $125.00 to $105.00 and set an "overweight" rating on the stock in a report on Friday, September 13th. Roth Mkm started coverage on shares of Atkore in a research note on Tuesday. They issued a "buy" rating and a $100.00 price objective on the stock. Loop Capital reduced their price objective on shares of Atkore from $130.00 to $115.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Roth Capital upgraded shares of Atkore to a "strong-buy" rating in a report on Monday, December 16th. Finally, B. Riley downgraded Atkore from a "buy" rating to a "neutral" rating and cut their price target for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.