Gabelli Funds LLC cut its stake in shares of Rockwell Automation (NYSE:ROK) by 0.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 357,400 shares of the industrial products company’s stock after selling 900 shares during the quarter. Gabelli Funds LLC owned approximately 0.29% of Rockwell Automation worth $67,020,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in ROK. Centaurus Financial Inc. acquired a new position in Rockwell Automation during the 2nd quarter worth about $103,000. AdvisorNet Financial Inc lifted its holdings in Rockwell Automation by 262.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 670 shares of the industrial products company’s stock worth $111,000 after buying an additional 485 shares during the period. Fort L.P. acquired a new position in Rockwell Automation during the 2nd quarter worth about $117,000. Ropes Wealth Advisors LLC raised its position in shares of Rockwell Automation by 200.0% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 750 shares of the industrial products company’s stock worth $141,000 after acquiring an additional 500 shares in the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new position in shares of Rockwell Automation in the 2nd quarter worth about $158,000. 74.67% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Susan Schmitt sold 4,500 shares of the business’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $175.02, for a total value of $787,590.00. Following the completion of the sale, the vice president now directly owns 15,967 shares of the company’s stock, valued at approximately $2,794,544.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.28% of the company’s stock.
ROK has been the subject of several research analyst reports. Goldman Sachs Group lowered Rockwell Automation from a “neutral” rating to a “sell” rating and set a $156.00 price objective for the company. in a research report on Monday, July 16th. Zacks Investment Research raised Rockwell Automation from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a research report on Wednesday, July 18th. Barclays reissued a “hold” rating and issued a $176.00 price objective on shares of Rockwell Automation in a research report on Thursday, July 26th. Morgan Stanley lifted their price objective on Rockwell Automation from $187.00 to $192.00 and gave the stock an “equal weight” rating in a research report on Friday, July 27th. Finally, UBS Group lowered their price objective on Rockwell Automation from $210.00 to $205.00 and set a “buy” rating for the company in a research report on Thursday, August 30th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $181.54.
Shares of Rockwell Automation stock opened at $172.47 on Monday. Rockwell Automation has a one year low of $153.67 and a one year high of $209.38. The stock has a market capitalization of $21.24 billion, a P/E ratio of 25.51, a PEG ratio of 1.65 and a beta of 1.28. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.93 and a quick ratio of 1.60.
Rockwell Automation announced that its Board of Directors has approved a share repurchase plan on Thursday, September 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Monday, November 12th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 2.25%. This is a positive change from Rockwell Automation’s previous quarterly dividend of $0.92. The ex-dividend date is Thursday, November 8th. Rockwell Automation’s payout ratio is presently 54.44%.
Rockwell Automation Profile
Rockwell Automation Inc provides industrial automation and information solutions worldwide. It operates in two segments, Architecture & Software; and Control Products & Solutions. The Architecture & Software segment provides control platforms, including controllers, electronic operator interface devices, electronic input/output devices, communication and networking products, and industrial computers that perform multiple control disciplines and monitoring of applications, such as discrete, batch and continuous process, drives control, motion control, and machine safety control.
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