Magnetar Financial LLC Sells 31,243 Shares of Atkore Inc. (NYSE:ATKR)

Magnetar Financial LLC decreased its position in Atkore Inc. (NYSE:ATKR) by 72.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,848 shares of the company’s stock after selling 31,243 shares during the quarter. Magnetar Financial LLC’s holdings in Atkore were worth $989,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ATKR. Victory Capital Management Inc. increased its position in Atkore by 3,948.4% in the fourth quarter. Victory Capital Management Inc. now owns 470,830 shares of the company’s stock worth $39,291,000 after buying an additional 459,200 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Atkore by 10.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,368,867 shares of the company’s stock worth $111,467,000 after buying an additional 134,517 shares in the last quarter. E. Ohman J or Asset Management AB increased its position in Atkore by 55.2% in the fourth quarter. E. Ohman J or Asset Management AB now owns 318,388 shares of the company’s stock worth $26,569,000 after buying an additional 113,263 shares in the last quarter. Bank of New York Mellon Corp increased its position in Atkore by 80.7% in the fourth quarter. Bank of New York Mellon Corp now owns 246,611 shares of the company’s stock worth $20,580,000 after buying an additional 110,107 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Atkore during the fourth quarter worth about $8,524,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. B. Riley cut Atkore from a “buy” rating to a “neutral” rating and cut their target price for the stock from $135.00 to $84.00 in a research report on Friday, November 22nd. Roth Mkm assumed coverage on Atkore in a research report on Tuesday, December 17th. They set a “buy” rating and a $100.00 target price for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 target price (up previously from $93.00) on shares of Atkore in a research report on Wednesday, December 4th. KeyCorp cut their target price on Atkore from $105.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Finally, Loop Capital cut Atkore from a “buy” rating to a “hold” rating and cut their target price for the stock from $115.00 to $65.00 in a research report on Monday, February 10th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

Insider Activity

In other news, insider Mark F. Lamps sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $65.00, for a total value of $32,500.00. Following the completion of the sale, the insider now directly owns 33,760 shares of the company’s stock, valued at $2,194,400. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.99% of the company’s stock.

Atkore Price Performance

Shares of Atkore stock opened at $62.93 on Friday. The stock has a 50 day moving average of $71.36 and a 200 day moving average of $81.70. Atkore Inc. has a 12 month low of $55.91 and a 12 month high of $194.98. The firm has a market cap of $2.19 billion, a PE ratio of 6.09 and a beta of 2.22. The company has a current ratio of 3.03, a quick ratio of 1.96 and a debt-to-equity ratio of 0.51.

Atkore (NYSE:ATKR) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. Atkore had a return on equity of 25.69% and a net margin of 12.42%. The company had revenue of $661.60 million during the quarter, compared to analyst estimates of $680.77 million. During the same period in the prior year, the company earned $4.12 earnings per share. The firm’s revenue was down 17.1% on a year-over-year basis. On average, research analysts expect that Atkore Inc. will post 5.79 EPS for the current fiscal year.

Atkore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Tuesday, February 18th. Atkore’s payout ratio is 12.39%.

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.