Comerica Bank Grows Holdings in Rockwell Automation, Inc. $ROK

Key Points

• Comerica Bank increased its stake in Rockwell Automation by 16.3%, owning a total of 53,191 shares valued at approximately $13.74 million as of its latest filing.
• Rockwell Automation posted earnings per share of $2.82, exceeding analyst expectations, with revenue of $2.14 billion reflecting a year-over-year growth of 4.5%.
• The company announced a quarterly dividend of $1.31 per share, set to be distributed on September 10, 2023, with a payout ratio of 61.50%.

Comerica Bank grew its holdings in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 16.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,191 shares of the industrial products company's stock after buying an additional 7,464 shares during the period. Comerica Bank's holdings in Rockwell Automation were worth $13,744,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Citizens National Bank Trust Department bought a new stake in shares of Rockwell Automation during the 1st quarter valued at $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Rockwell Automation during the 1st quarter valued at $31,000. IMA Advisory Services Inc. bought a new stake in shares of Rockwell Automation during the 1st quarter valued at $32,000. Parvin Asset Management LLC bought a new stake in shares of Rockwell Automation during the 4th quarter valued at $36,000. Finally, Cooksen Wealth LLC bought a new stake in shares of Rockwell Automation during the 1st quarter valued at $34,000. Institutional investors own 75.75% of the company's stock.

Insiders Place Their Bets

In other news, Director James P. Keane sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $356.06, for a total transaction of $1,068,180.00. Following the sale, the director directly owned 9,192 shares of the company's stock, valued at $3,272,903.52. This represents a 24.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Matthew W. Fordenwalt sold 500 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $320.02, for a total value of $160,010.00. Following the sale, the senior vice president directly owned 2,709 shares in the company, valued at $866,934.18. This trade represents a 15.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,368 shares of company stock worth $2,871,129 over the last ninety days. 0.68% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Stephens restated an "overweight" rating and set a $375.00 target price (up previously from $350.00) on shares of Rockwell Automation in a report on Wednesday, July 16th. CICC Research began coverage on Rockwell Automation in a research report on Monday, July 7th. They issued an "outperform" rating and a $381.00 price target for the company. Barclays lifted their price target on Rockwell Automation from $357.00 to $370.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Oppenheimer lowered their price target on Rockwell Automation from $371.00 to $363.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, TD Cowen raised Rockwell Automation from a "sell" rating to a "hold" rating and set a $275.00 price target for the company in a research report on Friday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have issued 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 target price of $340.16.

Rockwell Automation Stock Performance

Shares of NYSE ROK traded up $0.24 during midday trading on Thursday, hitting $349.44. 920,785 shares of the company's stock traded hands, compared to its average volume of 1,110,642. Rockwell Automation, Inc. has a 1 year low of $215.00 and a 1 year high of $360.92. The stock has a market capitalization of $39.29 billion, a price-to-earnings ratio of 41.01, a price-to-earnings-growth ratio of 3.59 and a beta of 1.39. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.72 and a current ratio of 1.06. The firm has a fifty day moving average of $343.49 and a 200 day moving average of $300.49.

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, beating 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 during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the firm earned $2.71 EPS. The business's revenue for the quarter was up 4.5% compared to the same quarter last year. On average, analysts forecast that Rockwell Automation, Inc. will post 9.35 earnings per share for the current year.

Rockwell Automation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors 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 dividend on an annualized basis and a dividend yield of 1.5%. Rockwell Automation's payout ratio is 61.50%.

About Rockwell Automation

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.