Rockwell Automation (NYSE:ROK) Updates FY24 Earnings Guidance

Rockwell Automation (NYSE:ROK) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $10.00-11.00 for the period, compared to the consensus earnings per share estimate of $11.87. The company issued revenue guidance of ~$8.51-$8.69 billion, compared to the consensus revenue estimate of $9.08 billion.

Analyst Upgrades and Downgrades

ROK has been the subject of several recent analyst reports. Mizuho reduced their target price on shares of Rockwell Automation from $300.00 to $265.00 and set a neutral rating for the company in a research note on Thursday, February 1st. Barclays lowered their price objective on Rockwell Automation from $269.00 to $265.00 and set an underweight rating on the stock in a report on Tuesday, April 2nd. JPMorgan Chase & Co. reissued an underweight rating and set a $254.00 target price on shares of Rockwell Automation in a research note on Thursday, March 21st. Berenberg Bank restated a hold rating and issued a $290.00 price target (down from $330.00) on shares of Rockwell Automation in a research note on Wednesday, March 6th. Finally, Oppenheimer cut their price objective on Rockwell Automation from $324.00 to $300.00 and set an outperform rating for the company in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $310.08.

Rockwell Automation Price Performance

Shares of Rockwell Automation stock traded down $1.47 on Tuesday, hitting $275.92. The company’s stock had a trading volume of 1,481,139 shares, compared to its average volume of 1,009,226. The company has a market capitalization of $31.62 billion, a P/E ratio of 26.40, a price-to-earnings-growth ratio of 2.77 and a beta of 1.43. Rockwell Automation has a 52-week low of $252.11 and a 52-week high of $348.52. The firm has a fifty day moving average price of $282.08 and a 200-day moving average price of $283.07. The company has a quick ratio of 0.80, a current ratio of 1.25 and a debt-to-equity ratio of 0.76.

Rockwell Automation (NYSE:ROK) last announced its quarterly earnings results on Tuesday, May 7th. The industrial products company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.35. Rockwell Automation had a net margin of 13.35% and a return on equity of 37.22%. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm earned $3.01 earnings per share. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. On average, equities research analysts expect that Rockwell Automation will post 11.98 earnings per share for the current fiscal year.

Rockwell Automation Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Monday, May 13th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.81%. The ex-dividend date is Friday, May 10th. Rockwell Automation’s payout ratio is 47.57%.

Insider Activity

In other Rockwell Automation news, VP Isaac Woods sold 150 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $287.59, for a total value of $43,138.50. Following the transaction, the vice president now directly owns 1,199 shares in the company, valued at approximately $344,820.41. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Isaac Woods sold 150 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $287.59, for a total transaction of $43,138.50. Following the sale, the vice president now owns 1,199 shares in the company, valued at $344,820.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Blake D. Moret acquired 3,500 shares of the stock in a transaction dated Monday, February 12th. The stock was acquired at an average cost of $283.64 per share, with a total value of $992,740.00. Following the transaction, the chief executive officer now owns 77,215 shares of the company’s stock, valued at $21,901,262.60. The disclosure for this purchase can be found here. Insiders have sold 17,240 shares of company stock worth $4,891,324 over the last three months. 0.68% of the stock is currently owned by corporate insiders.

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.