ICICI Prudential Asset Management Co Ltd Has $4.74 Million Stake in Rockwell Automation, Inc. (NYSE:ROK)

ICICI Prudential Asset Management Co Ltd increased its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 49.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 17,657 shares of the industrial products company’s stock after purchasing an additional 5,807 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Rockwell Automation were worth $4,740,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Pathway Financial Advisers LLC bought a new position in Rockwell Automation during the 1st quarter worth $26,000. Richardson Financial Services Inc. increased its position in Rockwell Automation by 100.0% during the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 48 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Rockwell Automation in the 3rd quarter worth about $26,000. ESL Trust Services LLC acquired a new position in shares of Rockwell Automation during the 1st quarter worth approximately $29,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Rockwell Automation during the second quarter worth approximately $36,000. 75.75% of the stock is owned by institutional investors and hedge funds.

Rockwell Automation Stock Up 3.1 %

NYSE:ROK traded up $8.72 on Wednesday, hitting $286.60. The stock had a trading volume of 198,850 shares, compared to its average volume of 876,951. The company has a market cap of $32.52 billion, a PE ratio of 33.56, a P/E/G ratio of 2.85 and a beta of 1.36. Rockwell Automation, Inc. has a 52 week low of $242.81 and a 52 week high of $312.76. The business’s fifty day moving average is $267.36 and its 200 day moving average is $266.55. The company has a quick ratio of 1.17, a current ratio of 1.84 and a debt-to-equity ratio of 0.70.

Rockwell Automation (NYSE:ROK) last issued its earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period last year, the business earned $3.64 EPS. Rockwell Automation’s quarterly revenue was down 20.6% compared to the same quarter last year. On average, equities research analysts expect that Rockwell Automation, Inc. will post 9.56 EPS for the current fiscal year.

Rockwell Automation announced that its Board of Directors has approved a share buyback program on Thursday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Rockwell Automation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Monday, November 18th. This is a positive change from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio is currently 60.39%.

Insider Buying and Selling at Rockwell Automation

In related news, SVP Veena M. Lakkundi sold 579 shares of the business’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 directly owns 4,576 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ROK shares. Wells Fargo & Company lifted their price target on shares of Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Mizuho upped their price target on shares of Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Robert W. Baird raised their price objective on Rockwell Automation from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Oppenheimer upped their target price on Rockwell Automation from $288.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America raised their price objective on shares of Rockwell Automation from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. 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’s stock. According to data from MarketBeat, Rockwell Automation presently has an average rating of “Hold” and an average price target of $285.13.

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.