Zacks Investment Research upgraded shares of Rockwell Automation, Inc. (NYSE:ROK) from a hold rating to a buy rating in a report issued on Friday, July 28th. They currently have $182.00 target price on the industrial products company’s stock.
According to Zacks, “Rockwell Automation’s third quarter fiscal 2017 top and bottom line improved year over year and surpassed the Zacks Consensus Estimate. The increases in earnings were primarily due to higher sales, partially offset by higher incentive compensation. Backed by strong performance in fiscal 2017 so far and an improving macro environment, the company hiked adjusted earnings per share guidance to the range of $6.60 to $6.80 and projects sales to be around $6.3 billion. The company will benefit from the consistent growth in the consumer and transportation verticals and expects heavy industries to grow in 2017 despite the prevailing softness in oil and gas and mining. Further, increased investment, acquisitions, product launches and share repurchases will support growth. The company has a positive record of earnings surprises in recent quarters.”
ROK has been the subject of a number of other reports. J P Morgan Chase & Co upgraded Rockwell Automation from an underweight rating to a neutral rating and set a $153.00 price target for the company in a research note on Thursday, July 27th. BidaskClub cut Rockwell Automation from a buy rating to a hold rating in a research note on Monday, July 24th. Wolfe Research started coverage on Rockwell Automation in a research note on Tuesday, July 11th. They issued a peer perform rating for the company. HSBC Holdings plc reiterated a hold rating and issued a $147.00 price target (up from $134.00) on shares of Rockwell Automation in a research note on Saturday, July 22nd. Finally, Stifel Nicolaus increased their price target on Rockwell Automation from $159.00 to $167.00 and gave the company a hold rating in a research note on Friday, April 28th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $152.33.
Rockwell Automation (ROK) opened at 165.60 on Friday. The stock has a market cap of $21.51 billion, a price-to-earnings ratio of 26.71 and a beta of 1.17. The stock has a 50 day moving average price of $163.74 and a 200 day moving average price of $156.45. Rockwell Automation has a 52-week low of $111.52 and a 52-week high of $167.97.
Rockwell Automation (NYSE:ROK) last issued its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.12. Rockwell Automation had a return on equity of 40.71% and a net margin of 13.04%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company earned $1.55 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts expect that Rockwell Automation will post $6.75 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Monday, August 14th will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, August 10th. Rockwell Automation’s dividend payout ratio is currently 49.03%.
In other Rockwell Automation news, Director Keith D. Nosbusch sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $159.00, for a total value of $3,180,000.00. Following the sale, the director now directly owns 421,286 shares of the company’s stock, valued at $66,984,474. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William T. Jr/Wi Mccormick sold 432 shares of Rockwell Automation stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $158.07, for a total value of $68,286.24. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at $1,439,859.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,257 shares of company stock valued at $17,360,449. 1.65% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Jacobus Wealth Management Inc. purchased a new stake in shares of Rockwell Automation during the first quarter worth about $104,000. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in shares of Rockwell Automation by 1,700.0% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 720 shares of the industrial products company’s stock worth $112,000 after buying an additional 680 shares in the last quarter. Clarkston Capital Partners LLC purchased a new stake in shares of Rockwell Automation during the second quarter worth about $206,000. Appleton Group LLC purchased a new stake in shares of Rockwell Automation during the first quarter worth about $213,000. Finally, Hunter Associates Investment Management LLC purchased a new stake in shares of Rockwell Automation during the first quarter worth about $215,000. 73.38% of the stock is currently owned by hedge funds and other institutional investors.
Rockwell Automation Company Profile
Rockwell Automation, Inc (Rockwell Automation) is a provider of industrial automation power, control and information solutions for manufacturers. The Company operates through two segments: Architecture & Software and Control Products & Solutions. The Architecture & Software segment contains various hardware, software and communication components of the Company’s integrated control and information architecture capable of controlling the customer’s industrial processes and connecting with their manufacturing enterprise.
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