Price T Rowe Associates Inc. MD Sells 1,244,949 Shares of Rockwell Automation, Inc. $ROK

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Rockwell Automation by 17.5%, now holding approximately 5.21% of the company.
• Brokerages have updated their ratings on Rockwell Automation, with Bank of America raising its price target from $360.00 to $410.00 and issuing a "buy" rating.
• Rockwell Automation recently announced a quarterly dividend of $1.31 per share, reflecting an annualized dividend yield of 1.5% and a payout ratio of 61.50%.

Price T Rowe Associates Inc. MD reduced its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 17.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,870,331 shares of the industrial products company's stock after selling 1,244,949 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 5.21% of Rockwell Automation worth $1,516,777,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its position in Rockwell Automation by 11.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,819,379 shares of the industrial products company's stock valued at $470,091,000 after purchasing an additional 191,370 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Rockwell Automation by 0.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,579,956 shares of the industrial products company's stock worth $408,229,000 after buying an additional 9,920 shares during the period. Invesco Ltd. grew its position in shares of Rockwell Automation by 2.2% in the 1st quarter. Invesco Ltd. now owns 1,448,160 shares of the industrial products company's stock worth $374,176,000 after buying an additional 30,837 shares during the period. Northern Trust Corp grew its position in shares of Rockwell Automation by 0.4% in the 1st quarter. Northern Trust Corp now owns 1,396,303 shares of the industrial products company's stock worth $360,777,000 after buying an additional 4,972 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Rockwell Automation by 2.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,158,161 shares of the industrial products company's stock worth $330,991,000 after buying an additional 29,350 shares during the period. 75.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rockwell Automation

In other Rockwell Automation news, SVP Christopher Nardecchia sold 551 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $326.31, for a total transaction of $179,796.81. Following the transaction, the senior vice president owned 12,711 shares in the company, valued at approximately $4,147,726.41. This represents a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Matthew W. Fordenwalt sold 500 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $320.02, for a total transaction of $160,010.00. Following the transaction, the senior vice president owned 2,709 shares in the company, valued at $866,934.18. This represents a 15.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,818 shares of company stock worth $1,944,708. 0.68% of the stock is owned by company insiders.

Rockwell Automation Stock Performance

ROK traded up $11.2350 during midday trading on Friday, hitting $350.7550. 663,160 shares of the company traded hands, compared to its average volume of 1,079,796. The company has a quick ratio of 0.72, a current ratio of 1.06 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $39.44 billion, a PE ratio of 41.17, a price-to-earnings-growth ratio of 3.61 and a beta of 1.39. The company's 50-day moving average is $341.12 and its 200 day moving average is $298.64. 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 posted its earnings results on Wednesday, August 6th. The industrial products company reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.15. The business had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.07 billion. Rockwell Automation had a net margin of 12.03% and a return on equity of 30.14%. The business's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.71 EPS. On average, research analysts expect that Rockwell Automation, Inc. will post 9.35 EPS for the current year.

Rockwell Automation Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen raised shares of Rockwell Automation from a "sell" rating to a "hold" rating and set a $275.00 target price on the stock in a research report on Friday, May 9th. KeyCorp upped their target price on shares of Rockwell Automation from $370.00 to $380.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Loop Capital upped their target price on shares of Rockwell Automation from $280.00 to $290.00 and gave the stock a "hold" rating in a research report on Thursday, May 15th. Oppenheimer reduced their target price on shares of Rockwell Automation from $371.00 to $363.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Finally, Citigroup reissued a "buy" rating and set a $392.00 price objective (up from $371.00) on shares of Rockwell Automation in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rockwell Automation has an average rating of "Moderate Buy" and an average price target of $340.16.

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.