Primecap Management Co. CA Cuts Stock Position in Rockwell Automation, Inc. (NYSE:ROK)

Key Points

• Primecap Management Co. CA decreased its stake in Rockwell Automation by 0.6%, holding 255,450 shares valued at approximately $66 million as of the end of the first quarter.
• Goldman Sachs Group Inc. increased its holdings in Rockwell Automation by 11.8%, while other hedge funds also significantly modified their stakes in the company during the same quarter.
• Rockwell Automation recently reported a quarterly earnings per share of $2.82, surpassing expectations, with revenue up by 4.5% compared to the same quarter last year.

Primecap Management Co. CA lessened its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,450 shares of the industrial products company's stock after selling 1,580 shares during the quarter. Primecap Management Co. CA owned about 0.23% of Rockwell Automation worth $66,003,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ROK. Bank Pictet & Cie Europe AG boosted its holdings in Rockwell Automation by 0.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 4,195 shares of the industrial products company's stock valued at $1,199,000 after purchasing an additional 38 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Rockwell Automation by 0.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,652 shares of the industrial products company's stock valued at $1,462,000 after acquiring an additional 43 shares during the period. Wealthfront Advisers LLC lifted its position in shares of Rockwell Automation by 0.6% during the 1st quarter. Wealthfront Advisers LLC now owns 7,708 shares of the industrial products company's stock valued at $1,992,000 after acquiring an additional 43 shares during the period. Kelly Financial Services LLC grew its holdings in shares of Rockwell Automation by 4.4% in the 1st quarter. Kelly Financial Services LLC now owns 1,096 shares of the industrial products company's stock worth $283,000 after acquiring an additional 46 shares during the period. Finally, Koshinski Asset Management Inc. increased its stake in Rockwell Automation by 1.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 4,097 shares of the industrial products company's stock valued at $1,059,000 after purchasing an additional 46 shares in the last quarter. 75.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on ROK shares. CICC Research started coverage on Rockwell Automation in a research report on Monday, July 7th. They set an "outperform" rating and a $381.00 target price on the stock. TD Cowen upgraded shares of Rockwell Automation from a "sell" rating to a "hold" rating and set a $275.00 price objective on the stock in a research report on Friday, May 9th. Bank of America upgraded shares of Rockwell Automation from a "neutral" rating to a "buy" rating and raised their target price for the company from $360.00 to $410.00 in a report on Wednesday, July 16th. Barclays reduced their price target on shares of Rockwell Automation from $370.00 to $357.00 and set an "overweight" rating on the stock in a report on Thursday. 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 note on Monday, July 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $339.47.

Insider Activity at Rockwell Automation

In other news, SVP Matheus De A. G. Viera Bulho sold 939 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $304.24, for a total transaction of $285,681.36. Following the completion of the sale, the senior vice president directly owned 983 shares of the company's stock, valued at $299,067.92. The trade was a 48.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tessa M. Myers sold 363 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $326.32, for a total value of $118,454.16. Following the completion of the transaction, the senior vice president directly owned 4,063 shares in the company, valued at $1,325,838.16. This trade represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,257 shares of company stock valued at $2,990,715 over the last 90 days. 0.68% of the stock is currently owned by insiders.

Rockwell Automation Trading Up 0.3%

Shares of Rockwell Automation stock traded up $1.08 during trading hours on Friday, reaching $333.67. 874,648 shares of the company's stock were exchanged, compared to its average volume of 1,011,259. The firm has a market capitalization of $37.51 billion, a price-to-earnings ratio of 39.16, a price-to-earnings-growth ratio of 3.38 and a beta of 1.39. The company has a current ratio of 1.06, a quick ratio of 0.72 and a debt-to-equity ratio of 0.72. Rockwell Automation, Inc. has a 52-week low of $215.00 and a 52-week high of $360.92. The company has a fifty day moving average of $336.92 and a 200-day moving average of $294.22.

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

Rockwell Automation Dividend Announcement

The business also recently declared 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 of this dividend is Monday, August 18th. This represents a $5.24 dividend on an annualized basis and a yield of 1.6%. Rockwell Automation's dividend payout ratio (DPR) is currently 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.