Rockwell Automation (NYSE:ROK) Reaches New 12-Month High Following Analyst Upgrade
by Amy Steele · The Cerbat GemShares of Rockwell Automation, Inc. (NYSE:ROK – Get Free Report) reached a new 52-week high during trading on Thursday after Bank of America raised their price target on the stock from $330.00 to $360.00. Bank of America currently has a neutral rating on the stock. Rockwell Automation traded as high as $343.29 and last traded at $342.68, with a volume of 784227 shares changing hands. The stock had previously closed at $338.61.
Several other research firms have also commented on ROK. Citigroup increased their price target on shares of Rockwell Automation from $327.00 to $371.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. KeyCorp reissued an “overweight” rating and set a $360.00 price objective (up previously from $345.00) on shares of Rockwell Automation in a research note on Friday, June 13th. TD Cowen raised 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 note on Friday, May 9th. Wells Fargo & Company upped their price objective on shares of Rockwell Automation from $315.00 to $365.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Loop Capital upped their price objective on shares of Rockwell Automation from $280.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $324.37.
Check Out Our Latest Research Report on ROK
Insider Buying and Selling at Rockwell Automation
In other Rockwell Automation news, SVP Matheus De A. G. Viera Bulho sold 939 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $304.24, for a total value of $285,681.36. Following the transaction, the senior vice president directly owned 983 shares of the company’s stock, valued at $299,067.92. This trade represents a 48.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Matthew W. Fordenwalt sold 500 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $320.02, for a total value of $160,010.00. Following the completion of the transaction, 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. In the last three months, insiders have sold 7,388 shares of company stock worth $2,307,487. Corporate insiders own 0.68% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in ROK. Citizens National Bank Trust Department purchased a new position in Rockwell Automation in the first quarter valued at about $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Rockwell Automation during the first quarter valued at about $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Rockwell Automation during the first quarter valued at about $32,000. Cooksen Wealth LLC acquired a new stake in shares of Rockwell Automation during the first quarter valued at about $34,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Rockwell Automation during the fourth quarter valued at about $35,000. 75.75% of the stock is owned by hedge funds and other institutional investors.
Rockwell Automation Stock Up 1.2%
The firm has a 50 day moving average price of $308.03 and a two-hundred day moving average price of $283.36. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $39.11 billion, a price-to-earnings ratio of 43.69, a P/E/G ratio of 3.90 and a beta of 1.38.
Rockwell Automation (NYSE:ROK – Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.36. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Rockwell Automation had a return on equity of 30.16% and a net margin of 11.38%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm earned $2.50 earnings per share. As a group, sell-side analysts expect that Rockwell Automation, Inc. will post 9.35 earnings per share for the current year.
Rockwell Automation Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 dividend yield of 1.51%. Rockwell Automation’s dividend payout ratio is presently 65.99%.
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.
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