Bank of Nova Scotia Lowers Stake in Rockwell Automation, Inc. (NYSE:ROK)

Key Points

• Bank of Nova Scotia has reduced its stake in Rockwell Automation, Inc. by 21.3%, selling 3,207 shares, which brought its total holdings to 11,882 shares valued at approximately $3.07 million.
• Several institutional investors have modified their positions, including a 52.4% increase in holdings from Commerce Bank, highlighting significant investor interest in Rockwell Automation.
• Rockwell Automation's recent quarterly earnings showed a EPS of $2.45, exceeding analysts' expectations, although revenue declined by 5.9% year-over-year.

Bank of Nova Scotia lowered its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,882 shares of the industrial products company's stock after selling 3,207 shares during the period. Bank of Nova Scotia's holdings in Rockwell Automation were worth $3,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Klein Pavlis & Peasley Financial Inc. raised its position in shares of Rockwell Automation by 7.5% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 9,934 shares of the industrial products company's stock valued at $2,570,000 after buying an additional 693 shares during the last quarter. TIAA Trust National Association increased its position in Rockwell Automation by 9.0% in the first quarter. TIAA Trust National Association now owns 6,598 shares of the industrial products company's stock worth $1,705,000 after purchasing an additional 544 shares during the last quarter. Commerce Bank increased its position in Rockwell Automation by 52.4% in the first quarter. Commerce Bank now owns 62,053 shares of the industrial products company's stock worth $16,033,000 after purchasing an additional 21,343 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in Rockwell Automation in the first quarter worth $1,529,000. Finally, Davis R M Inc. increased its position in Rockwell Automation by 1.8% in the first quarter. Davis R M Inc. now owns 88,595 shares of the industrial products company's stock worth $22,891,000 after purchasing an additional 1,607 shares during the last quarter. Institutional investors own 75.75% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Rockwell Automation from $271.00 to $299.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Loop Capital boosted their target price on shares of Rockwell Automation from $280.00 to $290.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Barclays boosted their target price on shares of Rockwell Automation from $350.00 to $370.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. BNP Paribas raised shares of Rockwell Automation from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 9th. Finally, TD Cowen raised shares of Rockwell Automation from a "sell" rating to a "hold" rating and set a $275.00 price objective for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Rockwell Automation has a consensus rating of "Moderate Buy" and a consensus target price of $341.11.

Insider Buying and Selling at Rockwell Automation

In other news, SVP Matheus De A. G. Viera Bulho sold 526 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $325.35, for a total transaction of $171,134.10. Following the sale, the senior vice president owned 983 shares of the company's stock, valued at approximately $319,819.05. This trade represents a 34.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Isaac Woods sold 297 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $326.31, for a total value of $96,914.07. Following the sale, the vice president directly owned 1,691 shares in the company, valued at $551,790.21. This trade represents a 14.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,757 shares of company stock worth $3,138,220. 0.68% of the stock is currently owned by corporate insiders.

Rockwell Automation Stock Down 1.2%

Shares of ROK opened at $346.08 on Wednesday. The stock has a fifty day simple moving average of $335.88 and a two-hundred day simple moving average of $293.37. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $39.01 billion, a PE ratio of 43.59, a price-to-earnings-growth ratio of 3.57 and a beta of 1.39. Rockwell Automation, Inc. has a 52-week low of $215.00 and a 52-week high of $360.92.

Rockwell Automation (NYSE:ROK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $2.45 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.36. Rockwell Automation had a return on equity of 30.16% and a net margin of 11.38%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the business posted $2.50 EPS. Rockwell Automation's revenue for the quarter was down 5.9% on a year-over-year basis. As a group, equities analysts forecast that Rockwell Automation, Inc. will post 9.35 EPS for the current year.

Rockwell Automation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 18th will be given a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, August 18th. Rockwell Automation's dividend payout ratio (DPR) is 65.99%.

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.

Want to see what other hedge funds are holding ROK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rockwell Automation, Inc. (NYSE:ROK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.