The Manufacturers Life Insurance Company Has $21.82 Million Stock Holdings in Rockwell Automation, Inc. $ROK

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Rockwell Automation by 11.3%, owning 84,444 shares worth approximately $21.82 million after selling 10,798 shares in the first quarter.
• Rockwell Automation recently announced a quarterly dividend of $1.31 per share, with a yield of 1.6% and a dividend payout ratio of 61.50%.
• Analysts have varied opinions on Rockwell Automation, with one strong buy, eleven buy, six hold, and one sell rating, and an average target price of $340.16.

The Manufacturers Life Insurance Company trimmed its stake in Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 11.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 84,444 shares of the industrial products company's stock after selling 10,798 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Rockwell Automation worth $21,819,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ROK. GAMMA Investing LLC grew its stake in Rockwell Automation by 29,844.4% during the first quarter. GAMMA Investing LLC now owns 702,794 shares of the industrial products company's stock worth $181,588,000 after buying an additional 700,447 shares during the period. Nuveen LLC purchased a new stake in Rockwell Automation during the first quarter worth approximately $63,632,000. Raymond James Financial Inc. grew its stake in Rockwell Automation by 213.7% during the first quarter. Raymond James Financial Inc. now owns 357,080 shares of the industrial products company's stock worth $92,263,000 after buying an additional 243,249 shares during the period. Goldman Sachs Group Inc. grew its stake in Rockwell Automation by 11.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,819,379 shares of the industrial products company's stock worth $470,091,000 after buying an additional 191,370 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rockwell Automation by 1,287.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,481 shares of the industrial products company's stock valued at $41,221,000 after purchasing an additional 147,985 shares during the period. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Rockwell Automation Stock Performance

Shares of NYSE:ROK traded down $2.61 on Friday, reaching $339.26. 539,564 shares of the company's stock were exchanged, compared to its average volume of 831,771. The firm has a market capitalization of $38.14 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 3.52 and a beta of 1.41. Rockwell Automation, Inc. has a fifty-two week low of $215.00 and a fifty-two week high of $360.92. The business's 50-day moving average is $345.38 and its two-hundred day moving average is $302.21. The company has a quick ratio of 0.72, a current ratio of 1.06 and a debt-to-equity ratio of 0.72.

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 business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Rockwell Automation had a net margin of 12.03% and a return on equity of 30.14%. The company's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.71 earnings per share. As a group, equities research analysts forecast 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. Investors of record on Monday, August 18th will be given a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Monday, August 18th. Rockwell Automation's dividend payout ratio is currently 61.50%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ROK. Wall Street Zen upgraded shares of Rockwell Automation from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. 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. Stephens reaffirmed an "overweight" rating and issued a $375.00 price target (up from $350.00) on shares of Rockwell Automation in a report on Wednesday, July 16th. Bank of America raised shares of Rockwell Automation from a "neutral" rating to a "buy" rating and upped their price target for the company from $360.00 to $410.00 in a report on Wednesday, July 16th. Finally, Barclays upped their price target on shares of Rockwell Automation from $357.00 to $370.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One investment 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $340.16.

Insider Activity at Rockwell Automation

In other news, SVP Christopher Nardecchia sold 551 shares of the firm'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 completion of the transaction, the senior vice president owned 12,711 shares in the company, valued at approximately $4,147,726.41. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James P. Keane sold 3,000 shares of Rockwell Automation 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 completion of the transaction, the director directly owned 9,192 shares in the company, valued at approximately $3,272,903.52. This trade represents a 24.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,445 shares of company stock worth $3,267,779. Company insiders own 0.68% of the company's stock.

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.