Principal Financial Group Inc. Acquires 11,161 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Principal Financial Group Inc. grew its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 204,679 shares of the industrial products company's stock after purchasing an additional 11,161 shares during the quarter. Principal Financial Group Inc. owned approximately 0.18% of Rockwell Automation worth $54,948,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Richardson Financial Services Inc. grew its position in shares of Rockwell Automation by 100.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company's stock worth $26,000 after buying an additional 48 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Rockwell Automation in the third quarter valued at $26,000. Darwin Wealth Management LLC purchased a new position in Rockwell Automation during the 3rd quarter valued at $34,000. Strategic Investment Solutions Inc. IL bought a new position in Rockwell Automation in the 2nd quarter worth $36,000. Finally, DiNuzzo Private Wealth Inc. lifted its position in shares of Rockwell Automation by 1,707.7% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 235 shares of the industrial products company's stock worth $63,000 after purchasing an additional 222 shares during the period. Institutional investors own 75.75% of the company's stock.

Rockwell Automation Stock Performance

Shares of ROK stock traded down $0.58 during trading hours on Monday, reaching $289.21. The company had a trading volume of 565,484 shares, compared to its average volume of 905,478. The firm has a market cap of $32.65 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 3.12 and a beta of 1.36. The business has a fifty day moving average price of $283.05 and a 200-day moving average price of $271.31. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 1.08.

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 for the quarter, beating analysts' consensus estimates of $2.40 by $0.07. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The company's quarterly revenue was down 20.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.64 EPS. Sell-side analysts predict that Rockwell Automation, Inc. will post 9.37 earnings per share for the current fiscal year.

Rockwell Automation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.31 per share. This is an increase from Rockwell Automation's previous quarterly dividend of $1.25. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date was Monday, November 18th. Rockwell Automation's payout ratio is currently 63.29%.

Rockwell Automation announced that its Board of Directors has initiated a share buyback program on Thursday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. BNP Paribas began coverage on shares of Rockwell Automation in a research report on Wednesday, November 13th. They set an "outperform" rating and a $345.00 price target on the stock. Morgan Stanley increased their target price on Rockwell Automation from $320.00 to $335.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Barclays upgraded Rockwell Automation from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $255.00 to $290.00 in a research report on Thursday, December 5th. Jefferies Financial Group upgraded Rockwell Automation from a "hold" rating to a "buy" rating and increased their price objective for the stock from $290.00 to $350.00 in a report on Thursday, December 12th. Finally, HSBC upgraded shares of Rockwell Automation from a "hold" rating to a "buy" rating and set a $355.00 target price on the stock in a report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $301.17.

Insider Activity

In other Rockwell Automation news, SVP Veena M. Lakkundi sold 579 shares of the business's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $266.86, for a total transaction of $154,511.94. Following the completion of the sale, the senior vice president now owns 4,576 shares of the company's stock, valued at approximately $1,221,151.36. The trade was a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John M. Miller sold 467 shares of Rockwell Automation stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $284.07, for a total value of $132,660.69. Following the transaction, the vice president now directly owns 4,800 shares in the company, valued at approximately $1,363,536. The trade was a 8.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,541 shares of company stock valued at $10,586,674 in the last quarter. 0.68% of the stock is currently owned by insiders.

Rockwell Automation Profile

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.