MML Investors Services LLC Raises Stock Position in Atkore Inc. (NYSE:ATKR)

MML Investors Services LLC grew its stake in shares of Atkore Inc. (NYSE:ATKR) by 38.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,973 shares of the company’s stock after acquiring an additional 3,035 shares during the period. MML Investors Services LLC’s holdings in Atkore were worth $930,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Atkore in the 2nd quarter worth $57,000. Signaturefd LLC lifted its stake in Atkore by 445.6% in the third quarter. Signaturefd LLC now owns 491 shares of the company’s stock worth $42,000 after acquiring an additional 401 shares during the period. Headlands Technologies LLC grew its holdings in Atkore by 829.9% during the 2nd quarter. Headlands Technologies LLC now owns 902 shares of the company’s stock worth $122,000 after acquiring an additional 805 shares in the last quarter. Covestor Ltd increased its position in Atkore by 63.7% during the 3rd quarter. Covestor Ltd now owns 1,002 shares of the company’s stock valued at $85,000 after purchasing an additional 390 shares during the period. Finally, Pinnacle Associates Ltd. purchased a new position in Atkore during the 3rd quarter valued at about $126,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ATKR shares. B. Riley downgraded shares of Atkore from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $135.00 to $84.00 in a research note on Friday, November 22nd. Roth Capital raised Atkore to a “strong-buy” rating in a research report on Monday. Roth Mkm began coverage on Atkore in a research report on Tuesday. They issued a “buy” rating and a $100.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price objective (up from $93.00) on shares of Atkore in a research note on Wednesday, December 4th. Finally, Loop Capital cut their target price on Atkore from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Atkore presently has an average rating of “Moderate Buy” and a consensus price target of $115.67.

Insider Transactions at Atkore

In related news, VP Daniel S. Kelly sold 13,071 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $2,635,530.72. This represents a 32.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 27,626 shares in the company, valued at approximately $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 ninety days, insiders sold 16,924 shares of company stock worth $1,614,975. Company insiders own 2.56% of the company’s stock.

Atkore Stock Up 0.9 %

Shares of ATKR stock opened at $82.72 on Friday. The stock’s fifty day moving average price is $89.48 and its 200 day moving average price is $104.76. Atkore Inc. has a 1-year low of $76.01 and a 1-year high of $194.98. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 6.55 and a beta of 2.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.98 and a quick ratio of 1.96.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Thursday, November 21st. The company reported $2.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The business had revenue of $788.30 million for the quarter, compared to analysts’ expectations of $749.49 million. Atkore’s revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.63 EPS. On average, research analysts expect that Atkore Inc. will post 6.69 earnings per share for the current fiscal year.

Atkore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, December 6th were issued a $0.32 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.55%. Atkore’s dividend 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.