CIBC Asset Management Inc Grows Stock Position in Rockwell Automation, Inc. (NYSE:ROK)

CIBC Asset Management Inc boosted its stake in shares of Rockwell Automation, Inc. (NYSE:ROK) by 12.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 19,104 shares of the industrial products company’s stock after buying an additional 2,189 shares during the period. CIBC Asset Management Inc’s holdings in Rockwell Automation were worth $5,129,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new stake in Rockwell Automation during the 1st quarter valued at $26,000. Richardson Financial Services Inc. increased its stake in Rockwell Automation by 100.0% in the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 48 shares during the period. Ashton Thomas Securities LLC purchased a new stake in Rockwell Automation in the third quarter worth $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in Rockwell Automation in the second quarter worth $36,000. Finally, Cultivar Capital Inc. purchased a new stake in Rockwell Automation in the second quarter worth $46,000. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Price Performance

Shares of ROK stock opened at $286.15 on Monday. Rockwell Automation, Inc. has a 1-year low of $242.81 and a 1-year high of $312.76. The stock’s 50-day moving average is $269.16 and its 200 day moving average is $266.82. The company has a market cap of $32.31 billion, a P/E ratio of 34.56, a PEG ratio of 2.95 and a beta of 1.36. 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 issued its quarterly earnings data 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 company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the company earned $3.64 earnings per share. The firm’s revenue for the quarter was down 20.6% compared to the same quarter last year. Research analysts predict that Rockwell Automation, Inc. will post 9.54 earnings per share for the current fiscal year.

Rockwell Automation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.31 dividend. This represents a $5.24 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Monday, November 18th. 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%.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on ROK shares. Oppenheimer increased their target price on Rockwell Automation from $288.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Robert W. Baird increased their target price on Rockwell Automation from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Bank of America increased their target price on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. BNP Paribas assumed coverage on Rockwell Automation in a research note on Wednesday, November 13th. They set an “outperform” rating and a $345.00 price target on the stock. Finally, UBS Group assumed coverage on Rockwell Automation in a research note on Wednesday, November 13th. They set a “neutral” rating and a $313.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $286.13.

Insiders Place Their Bets

In other Rockwell Automation news, SVP Veena M. Lakkundi sold 579 shares of the firm’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.