Rockwell Automation (ROK)

[Investorman]

Rockwell approves $1B stock repurchase; Davis retires
Wednesday February 7, 5:42 pm ET

Rockwell Automation Inc. said Wednesday that its board has authorized the repurchase of an additional $1 billion worth of its common stock.
The authorization follows the completion of a pair of share buyback plans approved last September and December that allowed for the repurchase of a total of 12 million shares. Both of those programs have been completed.

The current authorization would allow the firm to repurchase more than 16 million shares, if the stock was purchased at its Tuesday closing price of $62.42. Shares closed up 75 cents Wednesday at $63.17.

Rockwell also said that former Rockwell chairman and chief executive officer Don Davis retired from the board of directors at the annual meeting Wednesday, which reduces the number of directors to nine.