Rockwell Automation, Inc. (NYSE:ROK) Shares Acquired by Pinnacle Associates Ltd.

Posted by on Apr 6th, 2023

Pinnacle Associates Ltd. increased its stake in shares of Rockwell Automation, Inc. (NYSE:ROK – Get Rating) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,081 shares of the industrial products company’s stock after buying an additional 62 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Rockwell Automation were worth $2,140,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ROK. Vanguard Group Inc. grew its stake in shares of Rockwell Automation by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,495,152 shares of the industrial products company’s stock valued at $2,902,943,000 after purchasing an additional 40,192 shares during the last quarter. Amundi grew its position in Rockwell Automation by 70.1% in the 2nd quarter. Amundi now owns 1,941,741 shares of the industrial products company’s stock valued at $387,703,000 after buying an additional 800,290 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Rockwell Automation by 104.1% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 1,498,756 shares of the industrial products company’s stock valued at $322,398,000 after buying an additional 764,385 shares during the period. Goldman Sachs Group Inc. raised its position in Rockwell Automation by 2.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,082,189 shares of the industrial products company’s stock worth $215,691,000 after buying an additional 26,780 shares during the last quarter. Finally, King Luther Capital Management Corp lifted its stake in shares of Rockwell Automation by 0.9% in the 3rd quarter. King Luther Capital Management Corp now owns 574,992 shares of the industrial products company’s stock worth $123,687,000 after acquiring an additional 5,309 shares during the period. Institutional investors and hedge funds own 77.66% of the company’s stock.

Rockwell Automation Stock Performance

NYSE:ROK opened at $273.17 on Thursday. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $31.35 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 2.68 and a beta of 1.43. The firm has a 50-day moving average price of $288.27 and a two-hundred day moving average price of $264.92. Rockwell Automation, Inc. has a twelve month low of $190.08 and a twelve month high of $309.36.

Rockwell Automation (NYSE:ROK – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The industrial products company reported $2.46 EPS for the quarter, beating the consensus estimate of $1.81 by $0.65. Rockwell Automation had a net margin of 13.63% and a return on equity of 38.70%. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the business earned $2.14 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts expect that Rockwell Automation, Inc. will post 11.21 earnings per share for the current fiscal year.

Rockwell Automation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Monday, May 15th will be issued a $1.18 dividend. This represents a $4.72 dividend on an annualized basis and a dividend yield of 1.73%. Rockwell Automation’s dividend payout ratio (DPR) is 51.14%.

Wall Street Analysts Forecast Growth

ROK has been the subject of several analyst reports. Mizuho increased their price target on shares of Rockwell Automation from $250.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 27th. StockNews.com initiated coverage on Rockwell Automation in a report on Thursday, March 16th. They issued a “buy” rating for the company. The Goldman Sachs Group lifted their price target on Rockwell Automation from $238.00 to $272.00 and gave the company a “sell” rating in a research note on Friday, January 27th. Wells Fargo & Company increased their price objective on Rockwell Automation from $233.00 to $249.00 and gave the stock an “underweight” rating in a research report on Thursday, January 19th. Finally, Loop Capital boosted their target price on shares of Rockwell Automation from $258.00 to $285.00 in a research report on Tuesday, January 31st. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $263.24.

Insider Activity

In related news, VP Isaac Woods sold 100 shares of the business’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $294.33, for a total value of $29,433.00. Following the completion of the transaction, the vice president now owns 452 shares of the company’s stock, valued at approximately $133,037.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Nicholas C. Gangestad sold 1,975 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $294.25, for a total transaction of $581,143.75. Following the sale, the chief financial officer now owns 7,757 shares in the company, valued at $2,282,497.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Isaac Woods sold 100 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $294.33, for a total value of $29,433.00. Following the completion of the transaction, the vice president now owns 452 shares of the company’s stock, valued at $133,037.16. The disclosure for this sale can be found here. Insiders have sold 10,730 shares of company stock worth $3,112,032 over the last three months. 0.64% of the stock is currently owned by corporate insiders.

About Rockwell Automation

(Get Rating)

Rockwell Automation, Inc engages in the provision of industrial automation and information services. It operates through the following segments: Intelligent Devices, Software and Control, and Lifecycle Services. The Intelligent Devices segment combines a comprehensive portfolio of smart products that create the foundation of an agile, resilient, and sustainable production system.

Featured Articles

Want to see what other hedge funds are holding ROK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rockwell Automation, Inc. (NYSE:ROK – Get Rating).

Institutional Ownership by Quarter for Rockwell Automation (NYSE:ROK)

Receive News & Ratings for Rockwell Automation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rockwell Automation and related companies with MarketBeat.com's FREE daily email newsletter.