Robert W. Baird Forecasts Strong Price Appreciation for Rockwell Automation (NYSE:ROK) Stock

11 Nov 2024, 05:38 by Renee Jackson · The Cerbat Gem

Rockwell Automation (NYSE:ROK – Free Report) had its price objective lifted by Robert W. Baird from $280.00 to $290.00 in a report published on Friday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the industrial products company’s stock.

Several other brokerages have also weighed in on ROK. JPMorgan Chase & Co. dropped their target price on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company raised their target price on Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Bank of America raised their price objective on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. TD Cowen cut their target price on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a research report on Thursday, August 8th. Finally, Oppenheimer raised their price target on Rockwell Automation from $270.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Three analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $284.21.

Read Our Latest Research Report on Rockwell Automation

Rockwell Automation Trading Down 1.8 %

Rockwell Automation stock opened at $272.14 on Friday. The company has a current ratio of 1.84, a quick ratio of 0.68 and a debt-to-equity ratio of 0.70. The stock has a market cap of $30.88 billion, a PE ratio of 32.87, a P/E/G ratio of 4.74 and a beta of 1.36. The stock has a 50-day moving average price of $266.92 and a 200 day moving average price of $266.62. Rockwell Automation has a 52 week low of $242.81 and a 52 week high of $312.76.

Rockwell Automation (NYSE:ROK – Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The industrial products company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.40 by $0.07. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.06 billion. Rockwell Automation had a return on equity of 30.42% and a net margin of 11.53%. Rockwell Automation’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.64 EPS. Equities research analysts predict that Rockwell Automation will post 9.56 earnings per share 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. Stockholders of record on Monday, November 18th will be paid a $1.31 dividend. This is an increase from Rockwell Automation’s previous quarterly dividend of $1.25. This represents a $5.24 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, November 18th. Rockwell Automation’s dividend payout ratio (DPR) is currently 60.39%.

Rockwell Automation declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity at Rockwell Automation

In related news, SVP Veena M. Lakkundi sold 579 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $266.86, for a total value of $154,511.94. Following the completion of the sale, the senior vice president now owns 4,576 shares in the company, valued at $1,221,151.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Rockwell Automation

Several hedge funds have recently modified their holdings of ROK. Vanguard Group Inc. boosted its stake in shares of Rockwell Automation by 3.2% in the first quarter. Vanguard Group Inc. now owns 14,048,986 shares of the industrial products company’s stock valued at $4,092,891,000 after purchasing an additional 438,356 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Rockwell Automation by 951.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,532,949 shares of the industrial products company’s stock valued at $1,611,915,000 after purchasing an additional 5,006,706 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Rockwell Automation by 32.0% in the first quarter. Lazard Asset Management LLC now owns 1,510,019 shares of the industrial products company’s stock worth $439,912,000 after buying an additional 365,795 shares during the period. Accredited Investors Inc. boosted its holdings in shares of Rockwell Automation by 162,058.5% during the third quarter. Accredited Investors Inc. now owns 1,185,379 shares of the industrial products company’s stock worth $318,227,000 after purchasing an additional 1,184,648 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Rockwell Automation by 4.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 986,849 shares of the industrial products company’s stock valued at $264,929,000 after acquiring an additional 41,605 shares in the last quarter. 75.75% of the stock is owned by institutional investors and hedge funds.

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