Bank of America Forecasts Strong Price Appreciation for Rockwell Automation (NYSE:ROK) Stock

Rockwell Automation (NYSE:ROK) had its target price increased by Bank of America from $330.00 to $360.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the company. TD Cowen upgraded Rockwell Automation from a “sell” rating to a “hold” rating and set a $275.00 price objective on the stock in a research note on Friday, May 9th. KeyCorp reaffirmed an “overweight” rating and issued a $360.00 price target (up previously from $345.00) on shares of Rockwell Automation in a report on Friday, June 13th. Wells Fargo & Company upped their price target on shares of Rockwell Automation from $315.00 to $365.00 and gave the stock an “overweight” rating in a report on Tuesday. Loop Capital increased their target price on Rockwell Automation from $280.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, May 15th. Finally, BNP Paribas raised Rockwell Automation from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $324.37.

Rockwell Automation Price Performance

Shares of NYSE ROK opened at $346.93 on Wednesday. Rockwell Automation has a twelve month low of $215.00 and a twelve month high of $348.43. The stock’s 50 day moving average price is $308.03 and its 200-day moving average price is $283.36. The company has a market capitalization of $39.11 billion, a PE ratio of 43.69, a PEG ratio of 3.90 and a beta of 1.38. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 0.71.

Rockwell Automation (NYSE:ROK) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.36. Rockwell Automation had a return on equity of 30.16% and a net margin of 11.38%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the business earned $2.50 EPS. The company’s revenue was down 5.9% compared to the same quarter last year. On average, equities analysts anticipate that Rockwell Automation will post 9.35 EPS for the current year.

Rockwell Automation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be given a dividend of $1.31 per share. The ex-dividend date is Monday, August 18th. This represents a $5.24 annualized dividend and a yield of 1.51%. Rockwell Automation’s payout ratio is 65.99%.

Insider Buying and Selling at Rockwell Automation

In other news, SVP Christopher Nardecchia sold 551 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $326.31, for a total transaction of $179,796.81. Following the completion of the sale, the senior vice president directly owned 12,711 shares in the company, valued at approximately $4,147,726.41. This represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tessa M. Myers sold 363 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $326.32, for a total transaction of $118,454.16. Following the sale, the senior vice president owned 4,063 shares of the company’s stock, valued at approximately $1,325,838.16. This represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,388 shares of company stock valued at $2,307,487. 0.68% of the stock is currently owned by insiders.

Institutional Trading of Rockwell Automation

A number of institutional investors have recently modified their holdings of ROK. Central Pacific Bank Trust Division increased its position in Rockwell Automation by 14.1% during the 2nd quarter. Central Pacific Bank Trust Division now owns 4,369 shares of the industrial products company’s stock valued at $1,451,000 after purchasing an additional 539 shares during the period. AG2R LA Mondiale Gestion D Actifs purchased a new position in Rockwell Automation during the 1st quarter valued at $1,252,000. Howe & Rusling Inc. increased its position in Rockwell Automation by 4.9% during the 1st quarter. Howe & Rusling Inc. now owns 794 shares of the industrial products company’s stock valued at $205,000 after purchasing an additional 37 shares during the period. Maple Capital Management Inc. increased its position in Rockwell Automation by 47.1% during the 1st quarter. Maple Capital Management Inc. now owns 1,103 shares of the industrial products company’s stock valued at $285,000 after purchasing an additional 353 shares during the period. Finally, eCIO Inc. purchased a new position in Rockwell Automation during the 1st quarter valued at $76,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

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.