Allspring Global Investments Holdings LLC Trims Stock Holdings in Rockwell Automation, Inc. (NYSE:ROK)

Allspring Global Investments Holdings LLC trimmed its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 13.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,849 shares of the industrial products company’s stock after selling 898 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Rockwell Automation were worth $1,570,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new position in shares of Rockwell Automation during the 1st quarter worth $26,000. ESL Trust Services LLC purchased a new position in Rockwell Automation during the 1st quarter valued at about $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Rockwell Automation in the second quarter valued at about $36,000. Cultivar Capital Inc. acquired a new stake in shares of Rockwell Automation in the second quarter valued at approximately $46,000. Finally, DiNuzzo Private Wealth Inc. grew its position in shares of Rockwell Automation by 1,707.7% in the third quarter. DiNuzzo Private Wealth Inc. now owns 235 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ROK shares. 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 on the stock. TD Cowen decreased their price target on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company upped their price objective on shares of Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Oppenheimer raised their target price on shares of Rockwell Automation from $270.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Barclays dropped their target price on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $286.47.

Rockwell Automation Stock Down 0.7 %

Shares of NYSE ROK opened at $266.61 on Thursday. Rockwell Automation, Inc. has a 1 year low of $242.81 and a 1 year high of $312.76. The firm’s 50-day moving average is $265.99 and its 200-day moving average is $266.81. 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 firm has a market capitalization of $30.25 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 4.70 and a beta of 1.36.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings data 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. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. Rockwell Automation’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.01 EPS. Equities analysts expect that Rockwell Automation, Inc. will post 9.65 EPS for the current year.

Rockwell Automation declared that its board has approved a stock buyback plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is 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.