Kentucky Retirement Systems Insurance Trust Fund Cuts Stock Holdings in Rockwell Automation, Inc. (NYSE:ROK)

Kentucky Retirement Systems Insurance Trust Fund cut its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 8.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,359 shares of the industrial products company’s stock after selling 318 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Rockwell Automation were worth $902,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ROK. Pathway Financial Advisers LLC purchased a new stake in shares of Rockwell Automation during the 1st quarter worth about $26,000. Richardson Financial Services Inc. lifted 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 in the last quarter. Ashton Thomas Securities LLC purchased a new stake in Rockwell Automation during the 3rd quarter worth approximately $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Rockwell Automation during the second quarter worth $36,000. Finally, Cultivar Capital Inc. acquired a new stake in shares of Rockwell Automation in the second quarter valued at about $46,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their target price on shares of Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Oppenheimer upped their target price on Rockwell Automation from $288.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Barclays lifted their price target on Rockwell Automation from $245.00 to $255.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. dropped their price objective on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Finally, TD Cowen reduced their target price on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $286.13.

Insider Activity at Rockwell Automation

In related news, SVP Veena M. Lakkundi sold 579 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $266.86, for a total value of $154,511.94. Following the completion of 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 11.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.68% of the company’s stock.

Rockwell Automation Stock Performance

Shares of ROK stock opened at $286.15 on Monday. Rockwell Automation, Inc. has a 12 month low of $242.81 and a 12 month high of $312.76. The company has a current ratio of 1.08, a quick ratio of 1.17 and a debt-to-equity ratio of 0.70. The company has a market cap of $32.31 billion, a P/E ratio of 34.56, a PEG ratio of 2.95 and a beta of 1.36. The firm has a fifty day moving average price of $269.16 and a 200 day moving average price of $266.82.

Rockwell Automation (NYSE:ROK) last released 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 the consensus estimate of $2.06 billion. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.64 EPS. Sell-side analysts predict that Rockwell Automation, Inc. will post 9.54 earnings per share for the current fiscal year.

Rockwell Automation Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, November 18th. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s payout ratio is currently 60.39%.

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

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.