Hemenway Trust Co LLC Raises Stock Holdings in Rockwell Automation, Inc. (NYSE:ROK)

Hemenway Trust Co LLC boosted its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,791 shares of the industrial products company’s stock after purchasing an additional 1,238 shares during the quarter. Rockwell Automation makes up 2.3% of Hemenway Trust Co LLC’s portfolio, making the stock its 22nd biggest holding. Hemenway Trust Co LLC owned approximately 0.09% of Rockwell Automation worth $28,938,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. boosted its position in shares of Rockwell Automation by 70.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,251 shares of the industrial products company’s stock worth $1,530,000 after acquiring an additional 2,163 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Rockwell Automation by 268.8% in the 1st quarter. Empowered Funds LLC now owns 5,027 shares of the industrial products company’s stock valued at $1,465,000 after purchasing an additional 3,664 shares during the last quarter. Sei Investments Co. raised its stake in shares of Rockwell Automation by 4.5% during the first quarter. Sei Investments Co. now owns 73,805 shares of the industrial products company’s stock valued at $21,502,000 after purchasing an additional 3,194 shares during the period. NorthRock Partners LLC boosted its stake in shares of Rockwell Automation by 13.0% in the first quarter. NorthRock Partners LLC now owns 756 shares of the industrial products company’s stock valued at $220,000 after purchasing an additional 87 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Rockwell Automation during the 1st quarter valued at $66,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ROK. Morgan Stanley initiated coverage on Rockwell Automation in a research note on Friday, September 6th. They set an “overweight” rating and a $320.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a research note on Monday, August 12th. Mizuho lifted their price objective on Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. TD Cowen reduced their target price on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a research note on Thursday, August 8th. Finally, Barclays lifted their price target on shares of Rockwell Automation from $245.00 to $255.00 and gave the stock an “underweight” rating in a research note on Friday. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $284.21.

Rockwell Automation Stock Performance

Shares of NYSE:ROK traded up $0.25 during trading on Tuesday, hitting $278.07. 48,895 shares of the company traded hands, compared to its average volume of 875,500. 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 business’s fifty day moving average is $267.03 and its 200-day moving average is $266.57. The stock has a market capitalization of $31.55 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 4.74 and a beta of 1.36. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76.

Rockwell Automation (NYSE:ROK) last issued its earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share 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 firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period last year, the company earned $3.64 earnings per share. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, equities analysts predict that Rockwell Automation, Inc. will post 9.56 earnings per share for the current fiscal year.

Rockwell Automation Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a yield of 1.88%. This is a positive change from Rockwell Automation’s previous quarterly dividend of $1.25. The ex-dividend date is Monday, November 18th. Rockwell Automation’s payout ratio is presently 60.39%.

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

Insiders Place Their Bets

In other news, SVP Veena M. Lakkundi sold 579 shares of Rockwell Automation 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 owns 4,576 shares of the company’s stock, valued at approximately $1,221,151.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.68% of the stock is owned by insiders.

Rockwell Automation 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.