Raymond James & Associates Lowers Stake in Atkore Inc. (NYSE:ATKR)

Raymond James & Associates cut its stake in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 18.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,358 shares of the company's stock after selling 27,617 shares during the period. Raymond James & Associates owned about 0.32% of Atkore worth $10,030,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Quarry LP bought a new stake in shares of Atkore during the 2nd quarter valued at $57,000. Mather Group LLC. increased its stake in Atkore by 895.7% in the 2nd quarter. Mather Group LLC. now owns 468 shares of the company's stock worth $63,000 after buying an additional 421 shares in the last quarter. Headlands Technologies LLC raised its holdings in Atkore by 829.9% during the second quarter. Headlands Technologies LLC now owns 902 shares of the company's stock valued at $122,000 after acquiring an additional 805 shares during the period. Blue Trust Inc. lifted its position in shares of Atkore by 15.2% in the third quarter. Blue Trust Inc. now owns 2,397 shares of the company's stock valued at $203,000 after acquiring an additional 316 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in shares of Atkore by 32.1% in the second quarter. Summit Trail Advisors LLC now owns 1,549 shares of the company's stock worth $209,000 after acquiring an additional 376 shares during the period.

Atkore Price Performance

ATKR traded down $1.15 during trading hours on Wednesday, hitting $85.51. The company's stock had a trading volume of 270,020 shares, compared to its average volume of 610,411. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 5.40 and a beta of 2.14. The business's 50-day moving average price is $87.73 and its 200-day moving average price is $123.26. The company has a current ratio of 3.26, a quick ratio of 2.03 and a debt-to-equity ratio of 0.49. Atkore Inc. has a 12 month low of $80.11 and a 12 month high of $194.98.

Atkore (NYSE:ATKR - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.28. The firm had revenue of $822.40 million for the quarter, compared to analysts' expectations of $830.16 million. Atkore had a net margin of 16.47% and a return on equity of 36.96%. The business's revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $5.13 EPS. Sell-side analysts expect that Atkore Inc. will post 12.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. B. Riley decreased their target price on Atkore from $183.00 to $135.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. KeyCorp dropped their target price on shares of Atkore from $125.00 to $105.00 and set an "overweight" rating for the company in a research report on Friday, September 13th. Loop Capital reduced their price target on shares of Atkore from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, September 20th. Finally, Royal Bank of Canada downgraded shares of Atkore from an "outperform" rating to a "sector perform" rating and dropped their price objective for the company from $175.00 to $100.00 in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $131.60.

Insider Activity

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $95.47, for a total transaction of $47,735.00. Following the sale, the insider now owns 28,086 shares in the company, valued at approximately $2,681,370.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.56% of the company's stock.

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.