Eventide Asset Management LLC Invests $12.97 Million in Rockwell Automation, Inc. $ROK

Key Points

• Eventide Asset Management LLC has invested approximately $12.97 million in Rockwell Automation by acquiring 50,195 shares of its stock during the first quarter.
• Several other institutional investors have also made significant investments in Rockwell Automation, increasing overall institutional ownership to 75.75% of the company's stock.
• Rockwell Automation reported strong financial results, outperforming analyst estimates with earnings of $2.82 per share and revenue of $2.14 billion for the most recent quarter.

Eventide Asset Management LLC purchased a new stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 50,195 shares of the industrial products company's stock, valued at approximately $12,970,000.

A number of other institutional investors also recently modified their holdings of ROK. Citizens National Bank Trust Department bought a new position in Rockwell Automation during the first quarter valued at about $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Rockwell Automation in the first quarter valued at approximately $31,000. IMA Advisory Services Inc. bought a new stake in shares of Rockwell Automation in the 1st quarter worth approximately $32,000. Cooksen Wealth LLC purchased a new position in shares of Rockwell Automation in the first quarter worth $34,000. Finally, Cary Street Partners Investment Advisory LLC increased its position in Rockwell Automation by 59.6% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 166 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 75.75% of the company's stock.

Insiders Place Their Bets

In other news, SVP Matheus De A. G. Viera Bulho sold 526 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $325.35, for a total value of $171,134.10. Following the completion of the transaction, the senior vice president owned 983 shares of the company's stock, valued at approximately $319,819.05. This represents a 34.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Isaac Woods sold 365 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $348.44, for a total value of $127,180.60. Following the completion of the transaction, the vice president directly owned 1,691 shares of the company's stock, valued at approximately $589,212.04. The trade was a 17.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,445 shares of company stock worth $3,267,779. Corporate insiders own 0.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ROK shares. Citigroup reiterated a "buy" rating and issued a $392.00 price objective (up previously from $371.00) on shares of Rockwell Automation in a research note on Monday, July 14th. Bank of America upgraded shares of Rockwell Automation from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $360.00 to $410.00 in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Rockwell Automation from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Stephens reaffirmed an "overweight" rating and issued a $375.00 target price (up previously from $350.00) on shares of Rockwell Automation in a research report on Wednesday, July 16th. Finally, CICC Research began coverage on shares of Rockwell Automation in a report on Monday, July 7th. They issued an "outperform" rating and a $381.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $340.16.

Rockwell Automation Trading Down 0.8%

Shares of NYSE:ROK traded down $2.61 during trading on Friday, reaching $339.26. 539,564 shares of the stock were exchanged, compared to its average volume of 815,013. The firm's 50-day moving average price is $345.38 and its 200 day moving average price is $302.23. The firm has a market cap of $38.14 billion, a price-to-earnings ratio of 39.82, a price-to-earnings-growth ratio of 3.50 and a beta of 1.41. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.72 and a current ratio of 1.06. Rockwell Automation, Inc. has a 12-month low of $215.00 and a 12-month high of $360.92.

Rockwell Automation (NYSE:ROK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.82 EPS for the quarter, topping the consensus estimate of $2.67 by $0.15. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Rockwell Automation had a return on equity of 30.14% and a net margin of 12.03%.Rockwell Automation's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.71 EPS. On average, sell-side analysts anticipate that Rockwell Automation, Inc. will post 9.35 earnings per share for the current fiscal year.

Rockwell Automation Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 18th will be issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Monday, August 18th. Rockwell Automation's payout ratio is 61.50%.

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.