Cadence Capital Management LLC decreased its position in Rockwell Automation (NYSE:ROK) by 22.1% in the fourth quarter, Holdings Channel reports. The fund owned 12,070 shares of the industrial products company’s stock after selling 3,424 shares during the period. Cadence Capital Management LLC’s holdings in Rockwell Automation were worth $2,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of ROK. GSA Capital Partners LLP purchased a new position in Rockwell Automation in the 2nd quarter worth $486,000. FMR LLC raised its stake in Rockwell Automation by 3.8% in the 2nd quarter. FMR LLC now owns 546,829 shares of the industrial products company’s stock worth $88,565,000 after acquiring an additional 20,033 shares during the last quarter. Ark Investment Management LLC raised its stake in Rockwell Automation by 48.2% in the 2nd quarter. Ark Investment Management LLC now owns 3,409 shares of the industrial products company’s stock worth $552,000 after acquiring an additional 1,109 shares during the last quarter. Numeric Investors LLC purchased a new position in Rockwell Automation in the 2nd quarter worth $389,000. Finally, QS Investors LLC raised its stake in Rockwell Automation by 0.4% in the 2nd quarter. QS Investors LLC now owns 2,907 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 12 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.
In other news, CFO Patrick P. Goris sold 527 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $190.57, for a total transaction of $100,430.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Blake D. Moret sold 5,309 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $190.75, for a total value of $1,012,691.75. Following the sale, the chief executive officer now owns 30,720 shares in the company, valued at $5,859,840. The disclosure for this sale can be found here. Insiders have sold a total of 113,966 shares of company stock worth $21,834,799 over the last ninety days. 1.65% of the stock is owned by insiders.
Rockwell Automation (NYSE:ROK) last announced its quarterly earnings results on Wednesday, January 24th. The industrial products company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.22. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.60 billion. Rockwell Automation had a return on equity of 39.45% and a net margin of 5.85%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the firm earned $1.75 EPS. equities analysts anticipate that Rockwell Automation will post 7.79 earnings per share for the current fiscal year.
Rockwell Automation announced that its board has approved a share buyback plan on Wednesday, January 24th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Friday, February 16th. Rockwell Automation’s dividend payout ratio is currently 117.19%.
A number of equities analysts recently issued reports on the company. UBS Group assumed coverage on Rockwell Automation in a research note on Monday, January 22nd. They issued a “buy” rating for the company. lowered Rockwell Automation from a “hold” rating to a “reduce” rating in a research note on Thursday, November 2nd. Citigroup reduced their target price on Rockwell Automation from $214.00 to $209.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Wells Fargo & Co raised their target price on Rockwell Automation from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Thursday, January 25th. Finally, Morgan Stanley raised their target price on Rockwell Automation from $194.00 to $206.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. Rockwell Automation has an average rating of “Hold” and an average price target of $183.15.
Rockwell Automation Company Profile
Rockwell Automation, Inc (Rockwell Automation) is a provider of industrial automation power, control and information solutions for manufacturers. The Company operates through two segments: Architecture & Software and Control Products & Solutions. The Architecture & Software segment contains various hardware, software and communication components of the Company’s integrated control and information architecture capable of controlling the customer’s industrial processes and connecting with their manufacturing enterprise.
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