Veena M. Lakkundi, Senior Vice President of Strategy and Corporate Development at Rockwell Automation, Inc. (NYSE:ROK), recently executed multiple transactions involving the company's common stock. According to a recent SEC filing, Lakkundi sold shares totaling approximately $79,854 over two days. The company, currently valued at $33.2 billion, trades at a relatively high P/E ratio of 35.5x, according to InvestingPro data.
On December 9, Lakkundi sold 112 shares at an average price of $302.06 per share, amounting to $33,831. Additional sales occurred on December 10, involving 155 shares at prices ranging from $295.26 to $298.90 per share, totaling $46,023.
These sales were part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock, typically used to cover taxes on vested restricted stock units. Following these transactions, Lakkundi holds 5,504 shares of Rockwell Automation.
In other recent news, Rockwell Automation has faced a challenging fiscal year in 2024, with sales declining by 9% to $8.3 billion. Despite these challenges, the company has been implementing cost reduction strategies and strategic positioning for future growth. The company's new products, such as the LOGICS SIS process safety controller and Vision AI solution, are part of their response to these challenges.
Rockwell Automation has been the subject of several analyst upgrades and downgrades recently. KeyBanc upgraded the company's rating from Sector Weight to Overweight, citing a positive outlook on the company's future earnings growth and margin expansion. Meanwhile, Goldman Sachs maintained its Sell rating on the company's shares, expressing concerns about the company's ambitious order acceleration goals for the first half of 2025.
Baird raised its price target on Rockwell Automation shares to $305.00, maintaining an Outperform rating. The firm acknowledged Rockwell Automation's advancements in integrating its products and services, leveraging cloud and artificial intelligence capabilities, and reducing integration risks. Barclays (LON:BARC) also upgraded the company's stock from Underweight to Equalweight, raising its price target to $290, suggesting potential growth in a second term of President Trump.
Rockwell Automation's fiscal 2025 guidance indicates a potential sales range between a 4% decline and a 2% increase. The company also anticipates a 10% growth in annual recurring revenue and is targeting $250 million in cost savings. These recent developments reflect Rockwell Automation's commitment to navigate through a difficult period while focusing on long-term growth and structural investments.
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