iA Global Asset Management Inc. Reduces Stock Position in Atkore Inc. (NYSE:ATKR)

iA Global Asset Management Inc. cut its position in Atkore Inc. (NYSE:ATKR) by 18.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,895 shares of the company’s stock after selling 8,765 shares during the period. iA Global Asset Management Inc. owned approximately 0.10% of Atkore worth $7,214,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of ATKR. Principal Financial Group Inc. lifted its position in Atkore by 1.5% during the fourth quarter. Principal Financial Group Inc. now owns 200,175 shares of the company’s stock valued at $32,028,000 after purchasing an additional 3,036 shares during the period. Capital World Investors purchased a new stake in shares of Atkore in the first quarter worth about $14,986,000. Sei Investments Co. boosted its stake in shares of Atkore by 44.3% in the first quarter. Sei Investments Co. now owns 65,913 shares of the company’s stock worth $12,547,000 after buying an additional 20,244 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Atkore by 2.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 629,420 shares of the company’s stock worth $100,707,000 after acquiring an additional 12,189 shares during the period. Finally, Balyasny Asset Management L.P. raised its position in Atkore by 121.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 243,695 shares of the company’s stock valued at $38,991,000 after acquiring an additional 133,622 shares in the last quarter.

Atkore Trading Down 4.4 %

NYSE ATKR traded down $5.96 on Thursday, reaching $129.04. The stock had a trading volume of 800,505 shares, compared to its average volume of 518,892. The stock has a fifty day moving average price of $140.11 and a two-hundred day moving average price of $156.37. Atkore Inc. has a 12-month low of $121.00 and a 12-month high of $194.98. The company has a quick ratio of 1.98, a current ratio of 3.09 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 8.11 and a beta of 2.15.

Atkore (NYSE:ATKR) last issued its quarterly earnings results on Monday, May 6th. The company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.22 by $0.86. The company had revenue of $792.90 million during the quarter, compared to analysts’ expectations of $808.22 million. Atkore had a net margin of 18.30% and a return on equity of 43.19%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the company posted $4.31 EPS. As a group, sell-side analysts forecast that Atkore Inc. will post 14.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atkore news, insider Mark F. Lamps sold 500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total value of $78,835.00. Following the transaction, the insider now directly owns 28,586 shares in the company, valued at $4,507,154.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Wilbert W. James, Jr. sold 599 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $153.23, for a total value of $91,784.77. Following the completion of the sale, the director now directly owns 15,695 shares of the company’s stock, valued at approximately $2,404,944.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Mark F. Lamps sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $157.67, for a total value of $78,835.00. Following the completion of the sale, the insider now owns 28,586 shares of the company’s stock, valued at approximately $4,507,154.62. The disclosure for this sale can be found here. 2.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ATKR has been the subject of a number of analyst reports. KeyCorp started coverage on Atkore in a report on Wednesday, July 10th. They issued an “overweight” rating and a $175.00 price target for the company. Citigroup decreased their target price on Atkore from $200.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Finally, StockNews.com lowered shares of Atkore from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $184.00.

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.