Chevy Chase Trust Holdings LLC Sells 1,401 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Chevy Chase Trust Holdings LLC lowered its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,279 shares of the industrial products company’s stock after selling 1,401 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Rockwell Automation worth $16,451,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Richardson Financial Services Inc. lifted its position in Rockwell Automation by 100.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 48 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Rockwell Automation during the third quarter worth approximately $26,000. Darwin Wealth Management LLC acquired a new position in Rockwell Automation in the third quarter valued at approximately $34,000. Strategic Investment Solutions Inc. IL bought a new position in Rockwell Automation in the second quarter valued at approximately $36,000. Finally, Cultivar Capital Inc. acquired a new stake in Rockwell Automation during the 2nd quarter worth $46,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. BNP Paribas began coverage on Rockwell Automation in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $345.00 price target on the stock. UBS Group started coverage on Rockwell Automation in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $313.00 target price on the stock. Morgan Stanley boosted their target price on Rockwell Automation from $320.00 to $335.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. TD Cowen cut their price target on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research report on Thursday, August 8th. Finally, Robert W. Baird boosted their price objective on shares of Rockwell Automation from $290.00 to $305.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Rockwell Automation presently has a consensus rating of “Hold” and an average price target of $287.13.

Rockwell Automation Stock Down 1.9 %

NYSE:ROK opened at $291.54 on Wednesday. The company has a market cap of $32.91 billion, a PE ratio of 35.21, a PEG ratio of 3.09 and a beta of 1.36. The stock has a 50-day simple moving average of $275.94 and a 200 day simple moving average of $268.31. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 1.08. Rockwell Automation, Inc. has a 52-week low of $242.81 and a 52-week high of $312.76.

Rockwell Automation (NYSE:ROK) last released its earnings results on Thursday, November 7th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.07. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the company posted $3.64 earnings per share. Rockwell Automation’s revenue was down 20.6% on a year-over-year basis. On average, sell-side analysts expect that Rockwell Automation, Inc. will post 9.44 EPS for the current fiscal year.

Rockwell Automation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.31 per share. The ex-dividend date is Monday, November 18th. This represents a $5.24 dividend on an annualized basis and a yield of 1.80%. This is a boost from Rockwell Automation’s previous quarterly dividend of $1.25. Rockwell Automation’s dividend payout ratio (DPR) is presently 63.29%.

Rockwell Automation declared that its Board of Directors has authorized a share 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, SVP Veena M. Lakkundi sold 579 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $266.86, for a total value of $154,511.94. Following the sale, the senior vice president now owns 4,576 shares in the company, valued at approximately $1,221,151.36. This represents a 11.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John M. Miller sold 467 shares of Rockwell Automation stock in a transaction on Monday, November 18th. The stock was sold at an average price of $284.07, for a total transaction of $132,660.69. Following the transaction, the vice president now directly owns 4,800 shares of the company’s stock, valued at approximately $1,363,536. This trade represents a 8.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,746 shares of company stock valued at $9,152,594 over the last 90 days. 0.68% of the stock is currently owned by insiders.

About Rockwell Automation

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.