Wellington Management Group LLP Purchases Shares of 93,410 Atkore Inc. (NYSE:ATKR)

Wellington Management Group LLP purchased a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 93,410 shares of the company's stock, valued at approximately $7,916,000. Wellington Management Group LLP owned 0.26% of Atkore at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hodges Capital Management Inc. purchased a new position in shares of Atkore during the second quarter worth about $4,158,000. Maverick Capital Ltd. grew its stake in shares of Atkore by 386.9% in the 2nd quarter. Maverick Capital Ltd. now owns 9,709 shares of the company's stock valued at $1,310,000 after purchasing an additional 7,715 shares during the last quarter. Chase Investment Counsel Corp increased its holdings in shares of Atkore by 97.0% in the third quarter. Chase Investment Counsel Corp now owns 13,000 shares of the company's stock valued at $1,101,000 after purchasing an additional 6,400 shares during the period. Panagora Asset Management Inc. purchased a new stake in shares of Atkore during the second quarter worth approximately $3,095,000. Finally, M&G PLC purchased a new stake in shares of Atkore during the third quarter worth approximately $9,123,000.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank of Canada reissued a "sector perform" rating and issued a $102.00 price objective (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. B. Riley lowered shares of Atkore from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. KeyCorp cut their price target on shares of Atkore from $125.00 to $105.00 and set an "overweight" rating for the company in a report on Friday, September 13th. Finally, Loop Capital lowered their price objective on Atkore from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $118.80.

Atkore Price Performance

ATKR stock traded down $0.26 during trading on Monday, reaching $84.58. 475,818 shares of the company were exchanged, compared to its average volume of 631,498. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98. The stock's 50 day moving average price is $89.64 and its 200 day moving average price is $106.01. 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 $2.95 billion, a P/E ratio of 6.69 and a beta of 2.10.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly 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). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The firm had revenue of $788.30 million for the quarter, compared to analysts' expectations of $749.49 million. Atkore's revenue was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $3.63 EPS. As a group, analysts predict that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, December 6th. Atkore's dividend payout ratio (DPR) is presently 10.13%.

Atkore 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.