Rockwell Automation, Inc. (NYSE:ROK) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its holdings in shares of Rockwell Automation, Inc. (NYSE:ROK) by 13.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,666 shares of the industrial products company’s stock after selling 7,031 shares during the quarter. Truist Financial Corp’s holdings in Rockwell Automation were worth $12,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norden Group LLC acquired a new position in shares of Rockwell Automation in the first quarter worth $2,003,000. SG Americas Securities LLC boosted its stake in shares of Rockwell Automation by 186.9% during the 1st quarter. SG Americas Securities LLC now owns 14,731 shares of the industrial products company’s stock worth $4,292,000 after purchasing an additional 9,596 shares during the last quarter. Comerica Bank grew its holdings in shares of Rockwell Automation by 6.1% during the first quarter. Comerica Bank now owns 60,019 shares of the industrial products company’s stock worth $17,485,000 after buying an additional 3,425 shares in the last quarter. Mairs & Power Inc. grew its holdings in shares of Rockwell Automation by 2.4% during the fourth quarter. Mairs & Power Inc. now owns 384,684 shares of the industrial products company’s stock worth $119,437,000 after buying an additional 9,132 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of Rockwell Automation in the first quarter valued at approximately $2,817,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ROK. Redburn Atlantic started coverage on Rockwell Automation in a research report on Monday, July 8th. They issued a “neutral” rating and a $256.00 price objective for the company. TD Cowen lowered their price target on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. cut their price objective on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a report on Monday, August 12th. Morgan Stanley initiated coverage on shares of Rockwell Automation in a report on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price for the company. Finally, Wells Fargo & Company cut their price target on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $282.80.

Rockwell Automation Price Performance

ROK opened at $267.01 on Friday. Rockwell Automation, Inc. has a twelve month low of $242.81 and a twelve month high of $312.76. The firm has a market cap of $30.44 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 4.64 and a beta of 1.36. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $262.95 and a 200 day simple moving average of $268.72.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.63. The company had revenue of $2.05 billion during 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 firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.01 EPS. Equities research analysts expect that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation announced that its board has initiated a stock repurchase 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 purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Rockwell Automation Company 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.