Rockwell Automation (NYSE:ROK) Price Target Raised to $290.00

Rockwell Automation (NYSE:ROK) had its price target upped by Robert W. Baird from $280.00 to $290.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

Other equities analysts have also recently issued research reports about the company. TD Cowen cut their price objective on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company raised their price objective on shares of Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. reduced their target price on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a research note on Monday, August 12th. Bank of America upped their price target on Rockwell Automation from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley assumed coverage on Rockwell Automation in a research note on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $284.21.

Rockwell Automation Price Performance

Shares of NYSE:ROK opened at $272.14 on Friday. Rockwell Automation has a fifty-two week low of $242.81 and a fifty-two week high of $312.76. The company has a market cap of $30.88 billion, a PE ratio of 32.87, a P/E/G ratio of 4.74 and a beta of 1.36. The company has a quick ratio of 0.68, a current ratio of 1.84 and a debt-to-equity ratio of 0.70. The firm has a 50-day simple moving average of $266.92 and a 200 day simple moving average of $266.62.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data on Thursday, November 7th. The industrial products company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.07. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter last year, the business earned $3.64 earnings per share. On average, sell-side analysts anticipate that Rockwell Automation will post 9.56 EPS for the current year.

Rockwell Automation declared that its Board of Directors has initiated a share buyback plan on Thursday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Rockwell Automation Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.31 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $5.24 annualized dividend and a yield of 1.93%. This is a boost from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio (DPR) is 60.39%.

Insider Activity

In other Rockwell Automation news, SVP Veena M. Lakkundi sold 579 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $266.86, for a total transaction of $154,511.94. Following the sale, the senior vice president now directly owns 4,576 shares of the company’s stock, valued at $1,221,151.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.68% of the company’s stock.

Institutional Trading of Rockwell Automation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC acquired a new stake in shares of Rockwell Automation during the 1st quarter valued at about $26,000. Ashton Thomas Securities LLC purchased a new stake in shares of Rockwell Automation during the 3rd quarter valued at approximately $26,000. Richardson Financial Services Inc. raised its position in shares of Rockwell Automation by 100.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock valued at $26,000 after buying an additional 48 shares during the period. ESL Trust Services LLC purchased a new stake in shares of Rockwell Automation during the 1st quarter valued at approximately $29,000. Finally, Darwin Wealth Management LLC acquired a new stake in Rockwell Automation in the 3rd quarter valued at approximately $34,000. Hedge funds and other 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.