Truist Financial Corp Increases Stake in Atkore Inc. (NYSE:ATKR)

Truist Financial Corp raised its stake in shares of Atkore Inc. (NYSE:ATKR) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,924 shares of the company’s stock after buying an additional 2,292 shares during the quarter. Truist Financial Corp owned about 0.10% of Atkore worth $5,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. River Road Asset Management LLC grew its holdings in Atkore by 14.1% during the 4th quarter. River Road Asset Management LLC now owns 1,260,290 shares of the company’s stock valued at $201,646,000 after buying an additional 155,508 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of Atkore by 0.7% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,126,630 shares of the company’s stock valued at $168,082,000 after acquiring an additional 7,574 shares during the last quarter. Invesco Ltd. boosted its position in shares of Atkore by 13.8% during the 3rd quarter. Invesco Ltd. now owns 818,309 shares of the company’s stock valued at $122,084,000 after acquiring an additional 99,345 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Atkore by 2.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock valued at $100,707,000 after acquiring an additional 12,189 shares during the last quarter. Finally, Boston Partners boosted its position in shares of Atkore by 149.7% during the 3rd quarter. Boston Partners now owns 601,910 shares of the company’s stock valued at $88,670,000 after acquiring an additional 360,837 shares during the last quarter.

Analyst Upgrades and Downgrades

ATKR has been the subject of a number of research reports. Citigroup increased their target price on Atkore from $176.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $187.00 target price on shares of Atkore in a research report on Friday, March 22nd. Finally, StockNews.com upgraded Atkore from a “hold” rating to a “buy” rating in a research report on Friday, April 5th.

Atkore Stock Up 0.6 %

Shares of ATKR opened at $176.25 on Friday. The company has a market cap of $6.48 billion, a PE ratio of 10.57 and a beta of 2.19. The business has a fifty day moving average of $176.60 and a 200 day moving average of $154.71. Atkore Inc. has a 52-week low of $116.14 and a 52-week high of $194.98. The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, February 1st. The company reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.08 by $1.04. The company had revenue of $798.50 million during the quarter, compared to the consensus estimate of $777.05 million. Atkore had a return on equity of 46.79% and a net margin of 18.80%. Atkore’s revenue was down 4.2% on a year-over-year basis. During the same period last year, the company earned $4.51 earnings per share. On average, sell-side analysts expect that Atkore Inc. will post 15.06 EPS for the current year.

Atkore Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.28 annualized dividend and a dividend yield of 0.73%. Atkore’s dividend payout ratio (DPR) is 7.67%.

Insider Transactions at Atkore

In other news, VP Leangela W. Lowe sold 6,500 shares of Atkore stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the completion of the sale, the vice president now directly owns 25,590 shares in the company, valued at $4,505,631.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Leangela W. Lowe sold 6,500 shares of Atkore stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $176.07, for a total transaction of $1,144,455.00. Following the completion of the sale, the vice president now directly owns 25,590 shares in the company, valued at $4,505,631.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justin A. Kershaw sold 1,099 shares of Atkore stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $171.77, for a total value of $188,775.23. Following the sale, the director now owns 16,686 shares of the company’s stock, valued at $2,866,154.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,464 shares of company stock worth $25,124,751. 2.56% of the stock is currently owned by insiders.

Atkore Company 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.