Korea Investment CORP Trims Stake in Rockwell Automation, Inc. $ROK

Key Points

• Korea Investment CORP has reduced its stake in Rockwell Automation by 30.4%, selling 23,457 shares, bringing their total holding to 53,589 shares worth approximately $13.8 million.
• Rockwell Automation reported a quarterly earnings per share (EPS) of $2.82, surpassing analysts' expectations of $2.67, and showed revenue growth of 4.5% year-over-year.
• The company announced a quarterly dividend of $1.31 per share, with an annual yield of 1.5%, to be paid on September 10th.

Korea Investment CORP decreased its holdings in Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 30.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,589 shares of the industrial products company's stock after selling 23,457 shares during the quarter. Korea Investment CORP's holdings in Rockwell Automation were worth $13,846,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp boosted its holdings in shares of Rockwell Automation by 8.5% in the first quarter. Fifth Third Bancorp now owns 5,424 shares of the industrial products company's stock worth $1,401,000 after buying an additional 423 shares during the last quarter. CWM LLC lifted its holdings in Rockwell Automation by 3.7% during the first quarter. CWM LLC now owns 2,353 shares of the industrial products company's stock valued at $608,000 after purchasing an additional 84 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Rockwell Automation by 0.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,652 shares of the industrial products company's stock valued at $1,462,000 after purchasing an additional 43 shares in the last quarter. Brighton Jones LLC purchased a new position in Rockwell Automation during the fourth quarter valued at approximately $281,000. Finally, J.W. Cole Advisors Inc. lifted its holdings in Rockwell Automation by 128.7% during the first quarter. J.W. Cole Advisors Inc. now owns 4,382 shares of the industrial products company's stock valued at $1,132,000 after purchasing an additional 2,466 shares in the last quarter. Hedge funds and other institutional investors own 75.75% of the company's stock.

Insider Buying and Selling

In related news, Director James P. Keane sold 3,000 shares of the business's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $356.06, for a total value of $1,068,180.00. Following the sale, the director owned 9,192 shares in the company, valued at approximately $3,272,903.52. The trade was a 24.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Matheus De A. G. Viera Bulho sold 526 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $325.35, for a total transaction of $171,134.10. Following the transaction, the senior vice president owned 983 shares in the company, valued at $319,819.05. This trade represents a 34.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,818 shares of company stock valued at $3,012,888 in the last three months. Corporate insiders own 0.68% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ROK. Citigroup reaffirmed a "buy" rating and set a $392.00 price target (up previously from $371.00) on shares of Rockwell Automation in a report on Monday, July 14th. Loop Capital lifted their price target on shares of Rockwell Automation from $280.00 to $290.00 and gave the company a "hold" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. lifted their price target on shares of Rockwell Automation from $271.00 to $299.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wall Street Zen raised shares of Rockwell Automation from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, TD Cowen raised shares of Rockwell Automation from a "sell" rating to a "hold" rating and set a $275.00 price target on the stock in a report on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rockwell Automation presently has a consensus rating of "Moderate Buy" and a consensus price target of $340.16.

Rockwell Automation Price Performance

Shares of ROK stock traded down $6.47 during mid-day trading on Wednesday, hitting $349.20. The company had a trading volume of 1,221,967 shares, compared to its average volume of 1,090,102. Rockwell Automation, Inc. has a 52-week low of $215.00 and a 52-week high of $360.92. The stock's 50 day moving average price is $342.93 and its 200-day moving average price is $300.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 0.72. The company has a market capitalization of $39.26 billion, a P/E ratio of 40.99, a P/E/G ratio of 3.65 and a beta of 1.39.

Rockwell Automation (NYSE:ROK - Get Free Report) last released its 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. Rockwell Automation had a net margin of 12.03% and a return on equity of 30.14%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the firm earned $2.71 earnings per share. The company's quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts forecast that Rockwell Automation, Inc. will post 9.35 earnings per share for the current year.

Rockwell Automation Dividend Announcement

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

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.