Clarkston Capital Partners LLC acquired a new stake in shares of Rockwell Automation, Inc. (NYSE:ROK – Free Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 19,197 shares of the industrial products company’s stock, valued at approximately $7,469,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of ROK. Norges Bank bought a new stake in shares of Rockwell Automation during the fourth quarter valued at approximately $615,596,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rockwell Automation by 5,925.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 906,192 shares of the industrial products company’s stock valued at $352,572,000 after acquiring an additional 891,153 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rockwell Automation by 122.3% during the third quarter. JPMorgan Chase & Co. now owns 819,708 shares of the industrial products company’s stock valued at $286,522,000 after acquiring an additional 451,038 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Rockwell Automation during the fourth quarter valued at approximately $156,017,000. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Rockwell Automation by 1,666.2% during the third quarter. Balyasny Asset Management L.P. now owns 321,722 shares of the industrial products company’s stock valued at $112,451,000 after acquiring an additional 303,506 shares in the last quarter. Institutional investors own 75.75% of the company’s stock.
Rockwell Automation Stock Up 0.2%
Shares of NYSE:ROK opened at $458.66 on Friday. The stock has a market cap of $51.03 billion, a price-to-earnings ratio of 47.68, a PEG ratio of 2.93 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.72. Rockwell Automation, Inc. has a 12-month low of $305.44 and a 12-month high of $468.11. The business’s 50 day moving average is $428.54 and its 200 day moving average is $406.92.
Rockwell Automation declared that its board has authorized a stock buyback program on Tuesday, June 9th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Rockwell Automation Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 17th will be given a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $5.52 annualized dividend and a dividend yield of 1.2%. Rockwell Automation’s payout ratio is presently 57.38%.
Insider Activity at Rockwell Automation
In other Rockwell Automation news, SVP Matthew W. Fordenwalt sold 1,200 shares of the business’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $400.00, for a total value of $480,000.00. Following the transaction, the senior vice president owned 4,437 shares of the company’s stock, valued at approximately $1,774,800. The trade was a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Christopher Nardecchia sold 2,538 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $446.43, for a total value of $1,133,039.34. Following the completion of the transaction, the senior vice president directly owned 14,232 shares in the company, valued at approximately $6,353,591.76. This represents a 15.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,308 shares of company stock valued at $5,339,812 over the last 90 days. Corporate insiders own 0.76% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the company. The Goldman Sachs Group boosted their price objective on Rockwell Automation from $448.00 to $487.00 in a report on Wednesday, May 6th. TD Cowen boosted their price objective on Rockwell Automation from $350.00 to $400.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Evercore boosted their price objective on Rockwell Automation from $440.00 to $480.00 in a report on Wednesday, May 6th. Sanford C. Bernstein began coverage on Rockwell Automation in a report on Tuesday. They set a “market perform” rating and a $501.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on Rockwell Automation from $360.00 to $440.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rockwell Automation currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.75.
Get Our Latest Stock Analysis on ROK
Rockwell Automation Profile
Rockwell Automation is a global industrial automation and digital transformation company headquartered in Milwaukee, Wisconsin. The firm designs, manufactures and supports control systems, industrial control hardware and software, and related services that help manufacturers and industrial operators automate processes, improve productivity and enable data-driven decision making. Rockwell traces its heritage to the Allen-Bradley and Rockwell automation businesses and positions itself as a provider of integrated automation solutions across discrete and process industries.
The company’s product portfolio includes programmable logic controllers (PLCs), human-machine interfaces (HMIs), variable frequency drives, sensors, safety components and other industrial control hardware, often marketed under the Allen-Bradley brand.
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