Geode Capital Management LLC increased its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 0.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,683,202 shares of the industrial products company's stock after acquiring an additional 14,040 shares during the quarter. Geode Capital Management LLC owned about 2.38% of Rockwell Automation worth $717,865,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Brophy Wealth Management LLC bought a new stake in Rockwell Automation in the 3rd quarter worth approximately $645,000. Resources Management Corp CT ADV grew its holdings in shares of Rockwell Automation by 511.2% in the third quarter. Resources Management Corp CT ADV now owns 1,528 shares of the industrial products company's stock valued at $410,000 after purchasing an additional 1,278 shares in the last quarter. LRI Investments LLC increased its position in Rockwell Automation by 4,197.9% in the third quarter. LRI Investments LLC now owns 2,020 shares of the industrial products company's stock worth $579,000 after purchasing an additional 1,973 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Rockwell Automation by 6.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 34,209 shares of the industrial products company's stock valued at $9,184,000 after purchasing an additional 1,928 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its position in Rockwell Automation by 141.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 8,526 shares of the industrial products company's stock valued at $2,289,000 after purchasing an additional 5,002 shares during the last quarter. 75.75% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, VP Scott Genereux sold 279 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $296.13, for a total value of $82,620.27. Following the completion of the sale, the vice president now owns 2,891 shares of the company's stock, valued at $856,111.83. This represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Veena M. Lakkundi sold 579 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $266.86, for a total transaction of $154,511.94. Following the sale, the senior vice president now owns 4,576 shares of the company's stock, valued at $1,221,151.36. This represents a 11.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,541 shares of company stock worth $10,586,674 over the last ninety days. Corporate insiders own 0.68% of the company's stock.
Analyst Upgrades and Downgrades
ROK has been the subject of several recent research reports. Oppenheimer lifted their price target on Rockwell Automation from $288.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Robert W. Baird lifted their target price on Rockwell Automation from $290.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, November 26th. Mizuho increased their price target on Rockwell Automation from $245.00 to $270.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on Rockwell Automation from $320.00 to $335.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Finally, HSBC upgraded shares of Rockwell Automation from a "hold" rating to a "buy" rating and set a $355.00 price objective on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Rockwell Automation currently has a consensus rating of "Hold" and a consensus target price of $301.17.
Check Out Our Latest Research Report on ROK
Rockwell Automation Price Performance
Shares of NYSE ROK traded up $5.54 during midday trading on Thursday, hitting $302.92. The stock had a trading volume of 1,331,765 shares, compared to its average volume of 891,456. The company has a quick ratio of 0.72, a current ratio of 1.08 and a debt-to-equity ratio of 0.70. The stock has a 50 day simple moving average of $279.47 and a 200-day simple moving average of $269.50. The company has a market capitalization of $34.20 billion, a PE ratio of 36.27, a P/E/G ratio of 3.09 and a beta of 1.36. Rockwell Automation, Inc. has a 1 year low of $242.81 and a 1 year high of $312.76.
Rockwell Automation (NYSE:ROK - Get Free Report) last announced its earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.07. The company had revenue of $2.04 billion for the quarter, compared to analysts' expectations of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The firm's quarterly revenue was down 20.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.64 EPS. On average, sell-side analysts expect that Rockwell Automation, Inc. will post 9.39 EPS for the current fiscal year.
Rockwell Automation announced that its board has approved a share buyback plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.
Rockwell Automation Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.31 per share. This is a boost from Rockwell Automation's previous quarterly dividend of $1.25. This represents a $5.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, November 18th. Rockwell Automation's payout ratio is currently 63.29%.
Rockwell Automation Profile
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Free Report)
Rockwell Automation, Inc provides industrial automation and digital transformation solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company operates through three segments, Intelligent Devices, Software & Control, and Lifecycle Services. Its solutions include hardware and software products and services.
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