Commerce Bank Sells 17,185 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Commerce Bank cut its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 23.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,298 shares of the industrial products company’s stock after selling 17,185 shares during the period. Commerce Bank’s holdings in Rockwell Automation were worth $14,845,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its stake in shares of Rockwell Automation by 951.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,532,949 shares of the industrial products company’s stock valued at $1,611,915,000 after acquiring an additional 5,006,706 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Rockwell Automation by 32.0% during the first quarter. Lazard Asset Management LLC now owns 1,510,019 shares of the industrial products company’s stock valued at $439,912,000 after acquiring an additional 365,795 shares during the last quarter. Accredited Investors Inc. raised its stake in shares of Rockwell Automation by 162,058.5% during the third quarter. Accredited Investors Inc. now owns 1,185,379 shares of the industrial products company’s stock valued at $318,227,000 after acquiring an additional 1,184,648 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Rockwell Automation by 4.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 986,849 shares of the industrial products company’s stock valued at $264,929,000 after acquiring an additional 41,605 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Rockwell Automation by 29,591.7% during the third quarter. International Assets Investment Management LLC now owns 936,178 shares of the industrial products company’s stock valued at $251,326,000 after acquiring an additional 933,025 shares during the last quarter. 75.75% of the stock is owned by institutional investors.

Rockwell Automation Price Performance

Shares of ROK opened at $280.08 on Thursday. The stock has a market cap of $31.62 billion, a PE ratio of 33.83, a price-to-earnings-growth ratio of 2.95 and a beta of 1.36. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 1.08. Rockwell Automation, Inc. has a fifty-two week low of $242.81 and a fifty-two week high of $312.76. The firm’s 50-day simple moving average is $270.42 and its two-hundred day simple moving average is $267.03.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings results 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. Rockwell Automation had a net margin of 11.53% and a return on equity of 30.42%. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the company posted $3.64 earnings per share. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. Analysts anticipate that Rockwell Automation, Inc. will post 9.54 earnings per share for the current fiscal year.

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

Rockwell Automation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.31 per share. This is a boost from Rockwell Automation’s previous quarterly dividend of $1.25. The ex-dividend date is Monday, November 18th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.87%. Rockwell Automation’s dividend payout ratio is presently 60.39%.

Insider Activity

In related news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction that occurred on 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. This represents a 11.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John M. Miller sold 467 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $284.07, for a total transaction of $132,660.69. Following the transaction, 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 disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

ROK has been the subject of several recent analyst reports. Robert W. Baird upped their price objective on shares of Rockwell Automation from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Bank of America increased their price target on shares of Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Mizuho increased their price target on shares of Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target 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. Finally, BNP Paribas initiated coverage on shares of Rockwell Automation in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $345.00 price target for the company. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $286.13.

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.