Rockwell Automation (NYSE:ROK) Given New $360.00 Price Target at Bank of America

Rockwell Automation (NYSE:ROK - Free Report) had its target price hoisted by Bank of America from $330.00 to $360.00 in a report issued on Wednesday morning,Benzinga reports. Bank of America currently has a neutral rating on the industrial products company's stock.

Other research analysts also recently issued research reports about the stock. TD Cowen upgraded 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. Barclays upgraded shares of Rockwell Automation from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $283.00 to $350.00 in a report on Friday, May 30th. JPMorgan Chase & Co. boosted their target price on Rockwell Automation from $271.00 to $299.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Oppenheimer increased their price target on Rockwell Automation from $258.00 to $304.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, KeyCorp reissued an "overweight" rating and issued a $360.00 price objective (up previously from $345.00) on shares of Rockwell Automation in a research note on Friday, June 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $324.37.

Rockwell Automation Trading Up 1.2%

NYSE ROK traded up $4.07 during mid-day trading on Wednesday, reaching $342.68. 784,227 shares of the stock were exchanged, compared to its average volume of 857,712. The stock has a market cap of $38.63 billion, a P/E ratio of 43.16, a P/E/G ratio of 3.84 and a beta of 1.38. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.05 and a quick ratio of 0.72. Rockwell Automation has a one year low of $215.00 and a one year high of $343.21. The stock has a 50 day simple moving average of $302.04 and a 200-day simple moving average of $282.23.

Rockwell Automation (NYSE:ROK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.36. Rockwell Automation had a return on equity of 30.16% and a net margin of 11.38%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $2.50 EPS. The firm's revenue was down 5.9% compared to the same quarter last year. On average, analysts anticipate that Rockwell Automation will post 9.35 EPS for the current year.

Rockwell Automation Dividend Announcement

The business 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 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 1.53%. Rockwell Automation's payout ratio is currently 65.99%.

Insider Buying and Selling at Rockwell Automation

In other news, SVP Tessa M. Myers sold 363 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $326.32, for a total transaction of $118,454.16. Following the transaction, the senior vice president owned 4,063 shares of the company's stock, valued at $1,325,838.16. This represents a 8.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Matheus De A. G. Viera Bulho sold 526 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $325.35, for a total value of $171,134.10. Following the completion of the sale, the senior vice president owned 983 shares in the company, valued at $319,819.05. This represents a 34.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,388 shares of company stock valued at $2,307,487 in the last three months. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of Rockwell Automation

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp raised its position 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 in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Rockwell Automation by 39.1% during the 4th quarter. Teacher Retirement System of Texas now owns 1,063 shares of the industrial products company's stock valued at $304,000 after acquiring an additional 299 shares during the last quarter. Brighton Jones LLC purchased a new position in shares of Rockwell Automation during the fourth quarter worth about $281,000. Schroder Investment Management Group grew its holdings in shares of Rockwell Automation by 14.9% during the fourth quarter. Schroder Investment Management Group now owns 14,478 shares of the industrial products company's stock worth $4,135,000 after purchasing an additional 1,872 shares in the last quarter. Finally, Banque Transatlantique SA bought a new position in shares of Rockwell Automation in the fourth quarter worth approximately $8,289,000. Institutional investors own 75.75% 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.