MAI Capital Management Cuts Stock Position in Rockwell Automation, Inc. (NYSE:ROK)

MAI Capital Management trimmed its stake in Rockwell Automation, Inc. (NYSE:ROK) by 7.9% during the third quarter, Holdings Channel reports. The fund owned 3,868 shares of the industrial products company’s stock after selling 331 shares during the period. MAI Capital Management’s holdings in Rockwell Automation were worth $1,038,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ROK. Pathway Financial Advisers LLC bought a new position in Rockwell Automation during the first quarter worth about $26,000. Richardson Financial Services Inc. raised its stake in Rockwell Automation by 100.0% in the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 48 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Rockwell Automation during the 3rd quarter valued at $26,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Rockwell Automation in the 2nd quarter worth about $36,000. Finally, Cultivar Capital Inc. purchased a new stake in Rockwell Automation in the second quarter worth approximately $46,000. 75.75% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Veena M. Lakkundi sold 579 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $266.86, for a total value of $154,511.94. Following the sale, the senior vice president now owns 4,576 shares in the company, valued at approximately $1,221,151.36. This trade represents a 11.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John M. Miller sold 467 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $284.07, for a total value of $132,660.69. Following the completion of the transaction, the vice president now owns 4,800 shares in the company, valued at approximately $1,363,536. This trade represents a 8.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Rockwell Automation Stock Down 0.7 %

NYSE:ROK opened at $278.13 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 0.72. The firm’s 50-day moving average price is $270.83 and its 200-day moving average price is $267.11. The company has a market capitalization of $31.40 billion, a PE ratio of 33.59, a P/E/G ratio of 2.89 and a beta of 1.36. Rockwell Automation, Inc. has a 1-year low of $242.81 and a 1-year high of $312.76.

Rockwell Automation (NYSE:ROK) 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 the consensus estimate of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.64 earnings per share. On average, equities analysts predict that Rockwell Automation, Inc. will post 9.46 EPS for the current fiscal year.

Rockwell Automation declared that its board has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Rockwell Automation Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Monday, November 18th. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio is currently 63.29%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ROK. Wells Fargo & Company boosted their target price on Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley increased their price target on shares of Rockwell Automation from $320.00 to $335.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. UBS Group began coverage on shares of Rockwell Automation in a research note on Wednesday, November 13th. They set a “neutral” rating and a $313.00 price objective for the company. Bank of America boosted 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. Finally, TD Cowen cut their price objective on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $286.13.

Rockwell Automation Company 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.