CIBC Asset Management Inc Increases Holdings in Rockwell Automation, Inc. (NYSE:ROK)

CIBC Asset Management Inc lifted its position in Rockwell Automation, Inc. (NYSE:ROK) by 12.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 19,104 shares of the industrial products company’s stock after purchasing an additional 2,189 shares during the quarter. CIBC Asset Management Inc’s holdings in Rockwell Automation were worth $5,129,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC purchased a new position in shares of Rockwell Automation in the first quarter worth about $26,000. Richardson Financial Services Inc. raised its position in Rockwell Automation by 100.0% during the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 48 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Rockwell Automation during the third quarter valued at approximately $26,000. Strategic Investment Solutions Inc. IL purchased a new position in Rockwell Automation during the second quarter valued at approximately $36,000. Finally, Cultivar Capital Inc. purchased a new position in Rockwell Automation during the second quarter valued at approximately $46,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Rockwell Automation Stock Performance

NYSE ROK opened at $286.15 on Monday. The company has a market cap 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. The stock’s 50 day simple moving average is $269.16 and its 200-day simple moving average is $266.82. Rockwell Automation, Inc. has a 1-year low of $242.81 and a 1-year high of $312.76. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 1.17.

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 the consensus estimate of $2.40 by $0.07. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the firm earned $3.64 earnings per share. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, equities research analysts anticipate that Rockwell Automation, Inc. will post 9.54 EPS for the current fiscal year.

Rockwell Automation Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Monday, November 18th. This is a boost from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio (DPR) is currently 60.39%.

Rockwell Automation announced that its board has initiated a stock repurchase program on Thursday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

ROK has been the subject of several recent research reports. Barclays lifted their price target on Rockwell Automation from $245.00 to $255.00 and gave the company an “underweight” rating in a research report on Friday, November 8th. Morgan Stanley lifted their price target on Rockwell Automation from $320.00 to $335.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer lifted their price target on Rockwell Automation from $288.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a research report on Monday, August 12th. Finally, Wells Fargo & Company upped their target price on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $286.13.

Insider Activity at Rockwell Automation

In related news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $266.86, for a total value of $154,511.94. Following the completion of the sale, the senior vice president now owns 4,576 shares of the company’s stock, valued at approximately $1,221,151.36. This trade represents a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.68% of the company’s stock.

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.