Canada Pension Plan Investment Board reduced its stake in shares of Rockwell Automation (NYSE:ROK) by 21.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,568 shares of the industrial products company’s stock after selling 24,842 shares during the period. Canada Pension Plan Investment Board owned 0.07% of Rockwell Automation worth $16,608,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of Rockwell Automation by 7.4% in the 3rd quarter. Wells Fargo & Company MN now owns 1,466,948 shares of the industrial products company’s stock worth $275,082,000 after acquiring an additional 101,289 shares in the last quarter. Bank of America Corp DE raised its position in shares of Rockwell Automation by 23.2% in the 2nd quarter. Bank of America Corp DE now owns 1,224,685 shares of the industrial products company’s stock worth $203,581,000 after acquiring an additional 230,688 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Rockwell Automation by 17.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,106,721 shares of the industrial products company’s stock worth $207,533,000 after acquiring an additional 164,984 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Rockwell Automation by 11.6% in the 2nd quarter. Schroder Investment Management Group now owns 1,037,143 shares of the industrial products company’s stock worth $170,755,000 after acquiring an additional 107,457 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Rockwell Automation by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 871,952 shares of the industrial products company’s stock worth $163,510,000 after acquiring an additional 19,184 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the company. Zacks Investment Research raised Rockwell Automation from a “hold” rating to a “buy” rating and set a $183.00 price objective for the company in a research report on Tuesday, October 23rd. ValuEngine downgraded Rockwell Automation from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. Berenberg Bank set a $145.00 target price on Rockwell Automation and gave the company a “sell” rating in a research note on Monday, November 19th. Stephens began coverage on Rockwell Automation in a research note on Monday, November 19th. They issued an “overweight” rating and a $200.00 target price for the company. Finally, Credit Suisse Group raised their target price on Rockwell Automation from $171.00 to $173.00 and gave the company an “underperform” rating in a research note on Thursday, November 8th. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $178.87.
Shares of ROK opened at $174.34 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.27 and a quick ratio of 1.01. The stock has a market capitalization of $21.04 billion, a PE ratio of 21.50, a PEG ratio of 1.66 and a beta of 1.28. Rockwell Automation has a one year low of $153.67 and a one year high of $209.38.
Rockwell Automation (NYSE:ROK) last issued its earnings results on Wednesday, November 7th. The industrial products company reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.09. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. Rockwell Automation had a return on equity of 57.53% and a net margin of 8.03%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $1.69 EPS. On average, sell-side analysts forecast that Rockwell Automation will post 9.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Monday, November 12th will be paid a dividend of $0.97 per share. The ex-dividend date is Thursday, November 8th. This represents a $3.88 dividend on an annualized basis and a yield of 2.23%. This is an increase from Rockwell Automation’s previous quarterly dividend of $0.92. Rockwell Automation’s payout ratio is 47.84%.
Rockwell Automation declared that its board has initiated a share repurchase plan on Thursday, September 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
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Rockwell Automation Profile
Rockwell Automation Inc provides industrial automation and information solutions worldwide. It operates in two segments, Architecture & Software; and Control Products & Solutions. The Architecture & Software segment provides control platforms, including controllers, electronic operator interface devices, electronic input/output devices, communication and networking products, and industrial computers that perform multiple control disciplines and monitoring of applications, such as discrete, batch and continuous process, drives control, motion control, and machine safety control.
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