NewEdge Wealth LLC cut its stake in shares of Rockwell Automation, Inc. (NYSE:ROK – Free Report) by 34.7% in the first quarter, HoldingsChannel reports. The fund owned 2,400 shares of the industrial products company’s stock after selling 1,275 shares during the period. NewEdge Wealth LLC’s holdings in Rockwell Automation were worth $861,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ROK. MV Capital Management Inc. bought a new stake in shares of Rockwell Automation during the 4th quarter valued at $28,000. Manchester Capital Management LLC lifted its stake in shares of Rockwell Automation by 97.5% during the 4th quarter. Manchester Capital Management LLC now owns 79 shares of the industrial products company’s stock valued at $31,000 after buying an additional 39 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Rockwell Automation in the 1st quarter worth $31,000. First Horizon Corp bought a new position in Rockwell Automation in the 4th quarter worth $32,000. Finally, BOK Financial Private Wealth Inc. purchased a new stake in Rockwell Automation in the 4th quarter worth $33,000. 75.75% of the stock is owned by hedge funds and other institutional investors.
Rockwell Automation Stock Up 1.1%
Shares of ROK stock opened at $467.12 on Tuesday. The company’s fifty day simple moving average is $462.56 and its two-hundred day simple moving average is $422.55. Rockwell Automation, Inc. has a 52 week low of $305.44 and a 52 week high of $497.36. The stock has a market cap of $51.98 billion, a P/E ratio of 48.56, a PEG ratio of 2.95 and a beta of 1.54. 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 announced that its board has authorized a share repurchase 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 repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Rockwell Automation Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 17th will be issued a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, August 17th. Rockwell Automation’s dividend payout ratio (DPR) is currently 57.38%.
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. BNP Paribas Exane raised their price target on Rockwell Automation from $495.00 to $515.00 in a report on Wednesday, May 6th. Evercore increased their target price on Rockwell Automation from $440.00 to $480.00 in a research report on Wednesday, May 6th. The Goldman Sachs Group lifted their target price on Rockwell Automation from $448.00 to $487.00 in a research note on Wednesday, May 6th. Rothschild & Co Redburn boosted their price target on Rockwell Automation from $365.00 to $378.00 in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein initiated coverage on Rockwell Automation in a research note on Tuesday, June 9th. They issued a “market perform” rating and a $501.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued 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 $469.33.
Read Our Latest Stock Analysis on Rockwell Automation
Insiders Place Their Bets
In other news, VP John M. Miller sold 1,054 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $426.02, for a total transaction of $449,025.08. Following the sale, the vice president directly owned 5,615 shares of the company’s stock, valued at $2,392,102.30. This represents a 15.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Matthew W. Fordenwalt sold 377 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $460.51, for a total transaction of $173,612.27. Following the completion of the transaction, the senior vice president directly owned 4,437 shares of the company’s stock, valued at approximately $2,043,282.87. This trade represents a 7.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 9,361 shares of company stock worth $4,189,886. Insiders own 0.76% of the company’s stock.
Rockwell Automation Company 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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