Rockwell Automation, Inc. (NYSE:ROK) SVP Veena M. Lakkundi Sells 579 Shares of Stock

06 Nov 2024, 03:06 by Danessa Lincoln · The Markets Daily

Rockwell Automation, Inc. (NYSE:ROK – Get Free Report) SVP Veena M. Lakkundi sold 579 shares of the 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 sale, the senior vice president now owns 4,576 shares of the company’s stock, valued at $1,221,151.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rockwell Automation Trading Up 1.7 %

ROK traded up $4.55 during midday trading on Tuesday, reaching $269.20. 792,319 shares of the company were exchanged, compared to its average volume of 866,824. The stock has a market capitalization of $30.55 billion, a P/E ratio of 30.59, a PEG ratio of 4.68 and a beta of 1.36. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76. The stock’s 50-day simple moving average is $266.07 and its 200 day simple moving average is $266.44. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.68 and a current ratio of 1.04.

Rockwell Automation (NYSE:ROK – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.63. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. Rockwell Automation’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.01 EPS. As a group, analysts forecast that Rockwell Automation, Inc. will post 9.65 earnings per share for the current fiscal year.

Rockwell Automation announced that its board has approved a share buyback program on Thursday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Rockwell Automation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a dividend of $1.31 per share. The ex-dividend date is Monday, November 18th. This is a positive change from Rockwell Automation’s previous quarterly dividend of $1.25. This represents a $5.24 annualized dividend and a yield of 1.95%. Rockwell Automation’s payout ratio is currently 56.82%.

Hedge Funds Weigh In On Rockwell Automation

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in Rockwell Automation by 951.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,532,949 shares of the industrial products company’s stock worth $1,611,915,000 after purchasing an additional 5,006,706 shares in the last quarter. Accredited Investors Inc. grew its holdings in shares of Rockwell Automation by 162,058.5% during the third quarter. Accredited Investors Inc. now owns 1,185,379 shares of the industrial products company’s stock worth $318,227,000 after buying an additional 1,184,648 shares in the last quarter. International Assets Investment Management LLC raised its position in Rockwell Automation by 29,591.7% in the 3rd quarter. International Assets Investment Management LLC now owns 936,178 shares of the industrial products company’s stock valued at $251,326,000 after buying an additional 933,025 shares during the last quarter. Van ECK Associates Corp lifted its stake in Rockwell Automation by 1,119.3% in the 2nd quarter. Van ECK Associates Corp now owns 763,351 shares of the industrial products company’s stock valued at $210,135,000 after acquiring an additional 700,745 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Rockwell Automation by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 14,048,986 shares of the industrial products company’s stock worth $4,092,891,000 after acquiring an additional 438,356 shares during the last quarter. Institutional investors own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ROK. Robert W. Baird cut their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Redburn Atlantic started coverage on Rockwell Automation in a report on Monday, July 8th. They set a “neutral” rating and a $256.00 target price on the stock. Bank of America lifted their price target on Rockwell Automation from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Barclays reduced their price target on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Finally, Mizuho boosted their target price on shares of Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $281.93.

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