Truewealth LLC Acquires Shares of 3,200 Rockwell Automation (ROK)
Truewealth LLC acquired a new stake in Rockwell Automation (NYSE:ROK) in the 4th quarter, HoldingsChannel reports. The fund acquired 3,200 shares of the industrial products company’s stock, valued at approximately $628,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ark Investment Management LLC lifted its holdings in Rockwell Automation by 48.2% during the 2nd quarter. Ark Investment Management LLC now owns 3,409 shares of the industrial products company’s stock valued at $552,000 after purchasing an additional 1,109 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Rockwell Automation during the 3rd quarter valued at $285,000. Raymond James Financial Services Advisors Inc. lifted its holdings in Rockwell Automation by 1.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 26,968 shares of the industrial products company’s stock valued at $4,806,000 after purchasing an additional 441 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Rockwell Automation during the 3rd quarter valued at $2,199,000. Finally, Canada Pension Plan Investment Board lifted its holdings in Rockwell Automation by 0.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 231,974 shares of the industrial products company’s stock valued at $41,340,000 after purchasing an additional 1,219 shares during the last quarter. 72.06% of the stock is owned by institutional investors.
Rockwell Automation (ROK) traded down $1.35 during mid-day trading on Monday, reaching $177.27. The company’s stock had a trading volume of 39,439 shares, compared to its average volume of 877,540. The company has a quick ratio of 1.73, a current ratio of 1.98 and a debt-to-equity ratio of 0.57. The company has a market cap of $22,824.78, a PE ratio of 62.67, a price-to-earnings-growth ratio of 2.01 and a beta of 1.21. Rockwell Automation has a 1 year low of $148.31 and a 1 year high of $210.72.
Rockwell Automation declared that its Board of Directors has approved a share buyback program on Wednesday, January 24th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, February 16th. Rockwell Automation’s payout ratio is 117.19%.
In other Rockwell Automation news, CFO Patrick P. Goris sold 145 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $192.36, for a total transaction of $27,892.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP David M. Dorgan sold 10,400 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $202.41, for a total value of $2,105,064.00. Following the transaction, the vice president now owns 12,853 shares in the company, valued at approximately $2,601,575.73. The disclosure for this sale can be found here. Insiders have sold a total of 123,772 shares of company stock worth $23,632,380 in the last quarter. Company insiders own 1.28% of the company’s stock.
Several equities research analysts have issued reports on ROK shares. UBS Group started coverage on Rockwell Automation in a report on Monday, January 22nd. They set a “buy” rating for the company. Zacks Investment Research raised Rockwell Automation from a “hold” rating to a “buy” rating and set a $224.00 price target for the company in a report on Monday, January 29th. Morgan Stanley raised their price target on Rockwell Automation from $194.00 to $206.00 and gave the company an “equal weight” rating in a report on Thursday, January 25th. Barclays started coverage on Rockwell Automation in a report on Thursday, February 15th. They set an “equal weight” rating and a $200.00 price target for the company. Finally, ValuEngine downgraded Rockwell Automation from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. Rockwell Automation has an average rating of “Hold” and an average price target of $190.00.
Rockwell Automation 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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