Accredited Investors Inc. Increases Stock Position in Rockwell Automation, Inc. (NYSE:ROK)

Accredited Investors Inc. grew its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 16.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 853 shares of the industrial products company’s stock after purchasing an additional 122 shares during the quarter. Accredited Investors Inc.’s holdings in Rockwell Automation were worth $229,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ROK. Pathway Financial Advisers LLC acquired a new stake in shares of Rockwell Automation in the 1st quarter valued at about $26,000. Richardson Financial Services Inc. lifted its stake in Rockwell Automation by 100.0% in the third 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 last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Rockwell Automation in the third quarter valued at approximately $26,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Rockwell Automation during the second quarter worth approximately $36,000. Finally, Cultivar Capital Inc. acquired a new position in shares of Rockwell Automation in the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Trading Down 0.1 %

NYSE:ROK opened at $286.15 on Monday. 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 1.17, a current ratio of 1.08 and a debt-to-equity ratio of 0.70. The stock has a fifty day simple moving average of $269.16 and a 200-day simple moving average of $266.82. The company has a market capitalization of $32.31 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 2.95 and a beta of 1.36.

Rockwell Automation (NYSE:ROK) last announced 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. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The firm’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.64 earnings per share. On average, equities research analysts expect that Rockwell Automation, Inc. will post 9.54 earnings per share for the current fiscal year.

Rockwell Automation Increases Dividend

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

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ROK. Morgan Stanley increased their price objective on Rockwell Automation from $320.00 to $335.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. lowered their target price on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a report on Monday, August 12th. 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. Robert W. Baird lifted 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. Finally, 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 note on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $286.13.

Insiders Place Their Bets

In related news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction 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 $1,221,151.36. This trade represents a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.68% of the stock is currently owned by company insiders.

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.