Zurcher Kantonalbank Zurich Cantonalbank Sells 420,318 Shares of Atkore Inc. (NYSE:ATKR)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in Atkore Inc. (NYSE:ATKR - Free Report) by 94.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,635 shares of the company's stock after selling 420,318 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of Atkore worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ATKR. Hodges Capital Management Inc. acquired a new position in shares of Atkore during the second quarter valued at $4,158,000. Boston Trust Walden Corp acquired a new position in Atkore during the 2nd quarter valued at about $23,306,000. Maverick Capital Ltd. raised its position in shares of Atkore by 386.9% during the 2nd quarter. Maverick Capital Ltd. now owns 9,709 shares of the company's stock worth $1,310,000 after buying an additional 7,715 shares in the last quarter. Chase Investment Counsel Corp lifted its stake in shares of Atkore by 97.0% in the 3rd quarter. Chase Investment Counsel Corp now owns 13,000 shares of the company's stock worth $1,101,000 after acquiring an additional 6,400 shares during the period. Finally, Panagora Asset Management Inc. bought a new position in shares of Atkore in the second quarter valued at approximately $3,095,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ATKR shares. Royal Bank of Canada restated a "sector perform" rating and issued a $102.00 target price (up from $93.00) on shares of Atkore in a research report on Wednesday. Loop Capital lowered their target price on Atkore from $130.00 to $115.00 and set a "buy" rating on the stock in a report 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, B. Riley lowered shares of Atkore from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $135.00 to $84.00 in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Atkore currently has an average rating of "Hold" and an average price target of $118.80.

Insider Activity

In other news, VP Daniel S. Kelly sold 13,071 shares of the company's stock in a transaction 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 transaction, the vice president now directly owns 27,528 shares of the company's stock, valued at approximately $2,635,530.72. This represents a 32.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark F. Lamps sold 500 shares of the business's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $96.55, for a total value of $48,275.00. Following the completion of the transaction, the insider now owns 27,626 shares in the company, valued at $2,667,290.30. This trade represents a 1.78 % 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. 2.56% of the stock is owned by corporate insiders.

Atkore Trading Down 3.7 %

Shares of NYSE ATKR traded down $3.47 during mid-day trading on Thursday, hitting $90.18. 403,225 shares of the company traded hands, compared to its average volume of 635,126. The company has a quick ratio of 1.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.50. Atkore Inc. has a 1 year low of $76.01 and a 1 year high of $194.98. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 7.14 and a beta of 2.10. The business has a 50 day moving average of $89.14 and a two-hundred day moving average of $109.43.

Atkore (NYSE:ATKR - Get Free Report) last posted its quarterly earnings data on Thursday, November 21st. The company reported $2.02 EPS for the quarter, missing analysts' consensus estimates of $2.08 by ($0.06). The firm had revenue of $788.30 million for the quarter, compared to analysts' expectations of $749.49 million. Atkore had a net margin of 14.77% and a return on equity of 32.14%. Atkore's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $3.63 earnings per share. On average, sell-side analysts anticipate that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, December 6th will be issued a $0.32 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.42%. Atkore's payout ratio is currently 10.13%.

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.