Rockwell Automation (NYSE:ROK) Given New $335.00 Price Target at Morgan Stanley

Rockwell Automation (NYSE:ROK) had its target price boosted by Morgan Stanley from $320.00 to $335.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research firms have also issued reports on ROK. Bank of America boosted their target price on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their price objective on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Mizuho boosted their price target on shares of Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays upped their price objective on Rockwell Automation from $245.00 to $255.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. Finally, UBS Group began coverage on shares of Rockwell Automation in a research note on Wednesday. They issued a “neutral” rating and a $313.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Rockwell Automation presently has a consensus rating of “Hold” and a consensus price target of $286.13.

Rockwell Automation Stock Performance

ROK traded down $0.28 on Friday, hitting $286.15. 1,110,722 shares of the stock traded hands, compared to its average volume of 883,885. The business has a fifty day moving average price of $269.16 and a two-hundred day moving average price of $266.87. The company has a current ratio of 1.08, a quick ratio of 1.17 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $32.31 billion, a PE ratio of 34.56, a P/E/G ratio of 2.98 and a beta of 1.36. Rockwell Automation has a 52 week low of $242.81 and a 52 week high of $312.76.

Rockwell Automation (NYSE:ROK) last announced its quarterly earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the business posted $3.64 earnings per share. The business’s revenue was down 20.6% compared to the same quarter last year. On average, research analysts predict that Rockwell Automation will post 9.46 EPS for the current fiscal year.

Rockwell Automation declared that its board has approved a stock buyback plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Rockwell Automation Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, November 18th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.83%. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio (DPR) is currently 60.39%.

Insider Buying and Selling

In other news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $266.86, for a total transaction of $154,511.94. Following the sale, the senior vice president now directly owns 4,576 shares of the company’s stock, valued at approximately $1,221,151.36. This represents a 11.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Rockwell Automation

Several institutional investors and hedge funds have recently bought and sold shares of ROK. CreativeOne Wealth LLC boosted its position in shares of Rockwell Automation by 3.0% during the 1st quarter. CreativeOne Wealth LLC now owns 1,277 shares of the industrial products company’s stock worth $372,000 after acquiring an additional 37 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Rockwell Automation by 0.9% in the 3rd quarter. Prospera Financial Services Inc now owns 4,033 shares of the industrial products company’s stock valued at $1,083,000 after purchasing an additional 37 shares in the last quarter. Mather Group LLC. increased its stake in shares of Rockwell Automation by 5.9% in the 2nd quarter. Mather Group LLC. now owns 680 shares of the industrial products company’s stock valued at $198,000 after purchasing an additional 38 shares during the last quarter. Pure Financial Advisors LLC raised its holdings in shares of Rockwell Automation by 2.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,613 shares of the industrial products company’s stock worth $444,000 after buying an additional 42 shares in the last quarter. Finally, Great Valley Advisor Group Inc. lifted its position in shares of Rockwell Automation by 2.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 1,928 shares of the industrial products company’s stock worth $518,000 after buying an additional 42 shares during the last quarter. Institutional investors own 75.75% of the company’s stock.

Rockwell Automation Company 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.