Sompo Asset Management Co. Ltd. Acquires 2,736 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Sompo Asset Management Co. Ltd. lifted its position in Rockwell Automation, Inc. (NYSE:ROK) by 8.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 33,753 shares of the industrial products company’s stock after purchasing an additional 2,736 shares during the period. Rockwell Automation comprises approximately 1.4% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 18th biggest holding. Sompo Asset Management Co. Ltd.’s holdings in Rockwell Automation were worth $9,061,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CreativeOne Wealth LLC raised its stake in shares of Rockwell Automation by 3.0% during the first quarter. CreativeOne Wealth LLC now owns 1,277 shares of the industrial products company’s stock valued at $372,000 after acquiring an additional 37 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in Rockwell Automation in the first quarter worth about $3,282,000. Ascent Group LLC lifted its stake in shares of Rockwell Automation by 3.5% in the 1st quarter. Ascent Group LLC now owns 2,658 shares of the industrial products company’s stock valued at $774,000 after purchasing an additional 90 shares during the period. Prudent Investors Network Inc. purchased a new stake in shares of Rockwell Automation in the 1st quarter worth about $382,000. Finally, B. Riley Wealth Advisors Inc. lifted its position in Rockwell Automation by 543.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 14,595 shares of the industrial products company’s stock valued at $4,172,000 after acquiring an additional 12,327 shares during the period. 75.75% of the stock is currently owned by institutional investors.

Rockwell Automation Trading Up 4.5 %

NYSE:ROK opened at $290.86 on Friday. The firm has a market capitalization of $32.84 billion, a price-to-earnings ratio of 35.13, a price-to-earnings-growth ratio of 2.89 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 0.72. The business has a fifty day moving average price of $271.38 and a 200-day moving average price of $267.17. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data on Thursday, November 7th. The industrial products company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.40 by $0.07. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.06 billion. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. The business’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.64 earnings per share. Sell-side analysts forecast that Rockwell Automation, Inc. will post 9.46 EPS for the current year.

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

Rockwell Automation Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a $1.31 dividend. The ex-dividend date of this dividend is Monday, November 18th. This is a boost from Rockwell Automation’s previous quarterly dividend of $1.25. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.80%. Rockwell Automation’s dividend payout ratio is 63.29%.

Insider Activity

In related news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $266.86, for a total transaction of $154,511.94. Following the completion of the sale, the senior vice president now owns 4,576 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, VP John M. Miller sold 467 shares of Rockwell Automation stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $284.07, for a total value of $132,660.69. Following the sale, the vice president now directly owns 4,800 shares in the company, valued at $1,363,536. This trade represents a 8.87 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Oppenheimer raised their target price on shares of Rockwell Automation from $288.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Bank of America raised their price target on Rockwell Automation from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Morgan Stanley boosted their price objective on shares of Rockwell Automation from $320.00 to $335.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. UBS Group initiated coverage on shares of Rockwell Automation in a research note on Wednesday, November 13th. They set a “neutral” rating and a $313.00 target price on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $286.13.

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.