Confluence Wealth Services Inc. Lowers Stock Position in Rockwell Automation, Inc. (NYSE:ROK)

Confluence Wealth Services Inc. lessened its stake in Rockwell Automation, Inc. (NYSE:ROK) by 47.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 900 shares of the industrial products company’s stock after selling 813 shares during the period. Confluence Wealth Services Inc.’s holdings in Rockwell Automation were worth $242,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC acquired a new position in shares of Rockwell Automation in the first quarter valued at approximately $26,000. Richardson Financial Services Inc. raised its stake in shares of Rockwell Automation by 100.0% in the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 48 shares in the last quarter. ESL Trust Services LLC purchased a new position in Rockwell Automation in the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Rockwell Automation during the 2nd quarter worth $36,000. Finally, Cultivar Capital Inc. purchased a new stake in Rockwell Automation during the 2nd quarter worth about $46,000. 75.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a research note on Monday, August 12th. Morgan Stanley began coverage on shares of Rockwell Automation in a research note on Friday, September 6th. They set an “overweight” rating and a $320.00 target price for the company. Bank of America lifted their price target on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company lifted their price target on shares of Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Barclays cut their target price on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $281.93.

Rockwell Automation Stock Performance

NYSE:ROK opened at $264.65 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.04 and a quick ratio of 0.68. The firm has a market cap of $30.03 billion, a PE ratio of 30.07, a P/E/G ratio of 4.64 and a beta of 1.36. The firm has a 50 day simple moving average of $265.95 and a 200-day simple moving average of $266.44. Rockwell Automation, Inc. has a 1-year low of $242.81 and a 1-year high of $312.76.

Rockwell Automation (NYSE:ROK) last released its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.63. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.03 billion. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.01 earnings per share. On average, equities analysts expect that Rockwell Automation, Inc. will post 9.65 EPS for the current year.

Rockwell Automation Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a $1.31 dividend. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. The ex-dividend date is Monday, November 18th. This represents a $5.24 annualized dividend and a dividend yield of 1.98%. Rockwell Automation’s dividend payout ratio is presently 56.82%.

Rockwell Automation announced that its board has initiated a stock buyback program on Thursday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.