Pitcairn Co. Sells 134 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Pitcairn Co. cut its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 11.6% during the 3rd quarter, Holdings Channel reports. The fund owned 1,024 shares of the industrial products company’s stock after selling 134 shares during the period. Pitcairn Co.’s holdings in Rockwell Automation were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ROK. Cerity Partners LLC raised its holdings in Rockwell Automation by 2.3% in the 3rd quarter. Cerity Partners LLC now owns 30,626 shares of the industrial products company’s stock worth $8,222,000 after purchasing an additional 676 shares during the period. Great Valley Advisor Group Inc. raised its stake in shares of Rockwell Automation by 2.2% in the third quarter. Great Valley Advisor Group Inc. now owns 1,928 shares of the industrial products company’s stock worth $518,000 after buying an additional 42 shares during the period. Icon Wealth Advisors LLC lifted its position in shares of Rockwell Automation by 775.7% during the 3rd quarter. Icon Wealth Advisors LLC now owns 6,857 shares of the industrial products company’s stock valued at $1,841,000 after buying an additional 6,074 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rockwell Automation by 33.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,556,292 shares of the industrial products company’s stock valued at $417,802,000 after acquiring an additional 390,784 shares during the period. Finally, Banco Santander S.A. raised its stake in Rockwell Automation by 5.3% during the 3rd quarter. Banco Santander S.A. now owns 46,333 shares of the industrial products company’s stock worth $12,439,000 after acquiring an additional 2,345 shares during the period. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Insiders Place Their Bets

In other news, VP John M. Miller sold 467 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $284.07, for a total value of $132,660.69. Following the completion of the sale, the vice president now owns 4,800 shares in the company, valued at approximately $1,363,536. This trade represents a 8.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Veena M. Lakkundi sold 579 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $266.86, for a total transaction of $154,511.94. Following the transaction, the senior vice president now owns 4,576 shares in the company, valued at $1,221,151.36. The trade was a 11.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,746 shares of company stock valued at $8,560,594 over the last three months. 0.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ROK. Morgan Stanley upped their price target on shares of Rockwell Automation from $320.00 to $335.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Oppenheimer increased their price target on Rockwell Automation from $288.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. BNP Paribas assumed coverage on Rockwell Automation in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $345.00 price objective on the stock. Bank of America increased their target price on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, TD Cowen lowered their price target on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Rockwell Automation currently has a consensus rating of “Hold” and an average price target of $287.13.

Rockwell Automation Stock Performance

Shares of NYSE:ROK opened at $294.95 on Thursday. The firm has a fifty day simple moving average of $273.42 and a two-hundred day simple moving average of $267.67. Rockwell Automation, Inc. has a 52 week low of $242.81 and a 52 week high of $312.76. The company has a quick ratio of 0.72, a current ratio of 1.08 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $33.30 billion, a P/E ratio of 35.62, a PEG ratio of 3.11 and a beta of 1.36.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings results on Thursday, November 7th. The industrial products company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.40 by $0.07. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter last year, the business posted $3.64 earnings per share. The firm’s revenue was down 20.6% on a year-over-year basis. On average, analysts expect that Rockwell Automation, Inc. will post 9.44 earnings per share for the current fiscal year.

Rockwell Automation announced that its board has authorized a stock repurchase plan on Thursday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Rockwell Automation Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a $1.31 dividend. The ex-dividend date is Monday, November 18th. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. This represents a $5.24 dividend on an annualized basis and a yield of 1.78%. Rockwell Automation’s dividend payout ratio (DPR) is currently 63.29%.

Rockwell Automation Company Profile

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.