Alaethes Wealth LLC Buys 288 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Alaethes Wealth LLC grew its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 7.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,251 shares of the industrial products company’s stock after acquiring an additional 288 shares during the quarter. Alaethes Wealth LLC’s holdings in Rockwell Automation were worth $1,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Sompo Asset Management Co. Ltd. grew its stake in shares of Rockwell Automation by 10.4% in the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 31,017 shares of the industrial products company’s stock worth $8,538,000 after acquiring an additional 2,927 shares in the last quarter. Transatlantique Private Wealth LLC boosted its holdings in shares of Rockwell Automation by 2.4% in the second quarter. Transatlantique Private Wealth LLC now owns 2,970 shares of the industrial products company’s stock worth $818,000 after acquiring an additional 70 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Rockwell Automation by 46.6% in the second quarter. Thrivent Financial for Lutherans now owns 426,573 shares of the industrial products company’s stock worth $117,427,000 after buying an additional 135,557 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Rockwell Automation by 5.9% in the second quarter. Pacer Advisors Inc. now owns 10,500 shares of the industrial products company’s stock worth $2,890,000 after purchasing an additional 581 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Rockwell Automation by 0.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 23,605 shares of the industrial products company’s stock worth $6,498,000 after purchasing an additional 202 shares in the last quarter. 75.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley started coverage on Rockwell Automation in a research note on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price for the company. Oppenheimer decreased their price objective on Rockwell Automation from $295.00 to $270.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Redburn Atlantic started coverage on Rockwell Automation in a research note on Monday, July 8th. They set a “neutral” rating and a $256.00 price objective for the company. TD Cowen decreased their price objective on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a report on Thursday, August 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $282.80.

Rockwell Automation Trading Down 2.5 %

ROK opened at $261.58 on Friday. 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 stock has a market capitalization of $29.82 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 4.57 and a beta of 1.37. The business has a fifty day moving average price of $265.23 and a 200 day moving average price of $270.14. Rockwell Automation, Inc. has a 12 month low of $242.81 and a 12 month high of $312.76.

Rockwell Automation (NYSE:ROK) last posted 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. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the business earned $3.01 earnings per share. The firm’s revenue was down 8.4% compared to the same quarter last year. Sell-side analysts expect that Rockwell Automation, Inc. will post 9.67 earnings per share for the current fiscal year.

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

Rockwell Automation 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.