Meeder Asset Management Inc. Increases Stake in Atkore Inc. (NYSE:ATKR)

Meeder Asset Management Inc. boosted its holdings in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 306.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,884 shares of the company's stock after acquiring an additional 5,192 shares during the quarter. Meeder Asset Management Inc.'s holdings in Atkore were worth $574,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ATKR. Citigroup Inc. increased its position in shares of Atkore by 56.8% during the 3rd quarter. Citigroup Inc. now owns 47,241 shares of the company's stock worth $4,003,000 after purchasing an additional 17,106 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Atkore by 145.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 119,863 shares of the company's stock worth $10,157,000 after purchasing an additional 70,955 shares during the period. Townsquare Capital LLC increased its holdings in Atkore by 11.0% in the 3rd quarter. Townsquare Capital LLC now owns 2,733 shares of the company's stock valued at $232,000 after purchasing an additional 271 shares during the last quarter. Glenmede Trust Co. NA raised its position in Atkore by 6.0% in the third quarter. Glenmede Trust Co. NA now owns 4,523 shares of the company's stock valued at $383,000 after purchasing an additional 256 shares during the period. Finally, Verition Fund Management LLC raised its position in Atkore by 235.6% in the third quarter. Verition Fund Management LLC now owns 11,036 shares of the company's stock valued at $935,000 after purchasing an additional 7,748 shares during the period.

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Insider Activity

In related news, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the transaction, the insider now owns 33,760 shares in the company, valued at $2,194,400. The trade was a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ATKR shares. Loop Capital lowered Atkore from a "buy" rating to a "hold" rating and lowered their price target for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Roth Capital upgraded Atkore to a "strong-buy" rating in a report on Monday, December 16th. Roth Mkm started coverage on Atkore in a research report on Tuesday, December 17th. They issued a "buy" rating and a $100.00 target price for the company. Finally, KeyCorp reduced their price target on shares of Atkore from $105.00 to $80.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 5th. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Atkore has an average rating of "Moderate Buy" and a consensus target price of $103.17.

Atkore Stock Down 2.0 %

Shares of NYSE:ATKR traded down $1.09 during trading on Friday, hitting $53.90. 717,875 shares of the company were exchanged, compared to its average volume of 694,277. The firm's 50 day moving average price is $66.40 and its 200-day moving average price is $79.93. Atkore Inc. has a 12-month low of $50.44 and a 12-month high of $185.47. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.03 and a quick ratio of 1.96. The stock has a market capitalization of $1.87 billion, a P/E ratio of 5.22 and a beta of 2.02.

Atkore (NYSE:ATKR - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.45. Atkore had a net margin of 12.42% and a return on equity of 25.69%. The company had revenue of $661.60 million during the quarter, compared to the consensus estimate of $680.77 million. During the same quarter in the prior year, the firm posted $4.12 earnings per share. Atkore's revenue for the quarter was down 17.1% on a year-over-year basis. On average, research analysts predict that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Tuesday, February 18th. Atkore's payout ratio is currently 12.39%.

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.