Cannon Financial Strategists Inc. Acquires Shares of 1,138 Rockwell Automation, Inc. (NYSE:ROK)

Cannon Financial Strategists Inc. acquired a new stake in Rockwell Automation, Inc. (NYSE:ROK) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,138 shares of the industrial products company’s stock, valued at approximately $313,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norden Group LLC bought a new position in Rockwell Automation in the first quarter valued at approximately $2,003,000. SG Americas Securities LLC boosted its stake in Rockwell Automation by 186.9% in the first quarter. SG Americas Securities LLC now owns 14,731 shares of the industrial products company’s stock valued at $4,292,000 after acquiring an additional 9,596 shares during the last quarter. Comerica Bank boosted its stake in Rockwell Automation by 6.1% in the first quarter. Comerica Bank now owns 60,019 shares of the industrial products company’s stock valued at $17,485,000 after acquiring an additional 3,425 shares during the last quarter. Mairs & Power Inc. boosted its stake in Rockwell Automation by 2.4% in the fourth quarter. Mairs & Power Inc. now owns 384,684 shares of the industrial products company’s stock valued at $119,437,000 after acquiring an additional 9,132 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in Rockwell Automation in the first quarter worth $2,817,000. 75.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ROK shares. Morgan Stanley started coverage on shares of Rockwell Automation in a report on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price on the stock. Robert W. Baird cut their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Redburn Atlantic started coverage on shares of Rockwell Automation in a report on Monday, July 8th. They issued a “neutral” rating and a $256.00 target price on the stock. Bank of America cut their target price on shares of Rockwell Automation from $300.00 to $270.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer cut their target price on shares of Rockwell Automation from $295.00 to $270.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $282.80.

Rockwell Automation Trading Down 1.2 %

Shares of NYSE:ROK opened at $265.26 on Wednesday. The company’s 50-day moving average price is $263.21 and its two-hundred day moving average price is $268.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.04 and a quick ratio of 0.68. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76. The stock has a market capitalization of $30.24 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 4.64 and a beta of 1.37.

Rockwell Automation (NYSE:ROK) last issued its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.08 by $0.63. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.01 EPS. On average, equities analysts forecast that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation declared that its board has authorized a stock repurchase 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 purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.