Assetmark Inc. Grows Stake in Rockwell Automation, Inc. (NYSE:ROK)

Assetmark Inc. lifted its stake in Rockwell Automation, Inc. (NYSE:ROK) by 5.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,486 shares of the industrial products company’s stock after purchasing an additional 135 shares during the quarter. Assetmark Inc.’s holdings in Rockwell Automation were worth $667,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pathway Financial Advisers LLC purchased a new stake in Rockwell Automation during the 1st quarter valued at about $26,000. Richardson Financial Services Inc. grew its position in shares of 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. ESL Trust Services LLC acquired a new position in Rockwell Automation during the first quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Rockwell Automation in the second quarter valued at $36,000. Finally, Cultivar Capital Inc. acquired a new stake in Rockwell Automation in the second quarter valued at $46,000. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Stock Performance

Shares of ROK stock opened at $286.15 on Friday. The firm has a 50-day moving average of $268.55 and a 200-day moving average of $266.83. The company has a market cap of $32.31 billion, a P/E ratio of 34.44, a P/E/G ratio of 2.98 and a beta of 1.36. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 1.17. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76.

Rockwell Automation (NYSE:ROK) last issued its earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.07. The firm had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The company’s quarterly revenue was down 20.6% on a year-over-year basis. During the same quarter last year, the business earned $3.64 earnings per share. Equities research analysts forecast that Rockwell Automation, Inc. will post 9.46 EPS for the current fiscal year.

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 given a $1.31 dividend. This is a positive change from Rockwell Automation’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend is Monday, November 18th. This represents a $5.24 dividend on an annualized basis and a yield of 1.83%. Rockwell Automation’s payout ratio is 60.39%.

Rockwell Automation announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ROK shares. BNP Paribas started coverage on Rockwell Automation in a research report on Wednesday. They set an “outperform” rating and a $345.00 target price on the stock. Bank of America increased their price target on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Mizuho upped their price objective on Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company raised 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. Finally, UBS Group initiated coverage on shares of Rockwell Automation in a research report on Wednesday. They set a “neutral” rating and a $313.00 price target on the stock. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $286.13.

Insiders Place Their Bets

In other Rockwell Automation news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction on Monday, November 4th. The stock was 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 $1,221,151.36. This trade represents a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.68% of the stock is owned by insiders.

Rockwell Automation 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.