Rockwell Automation, Inc. (NYSE:ROK) Shares Purchased by Argent Trust Co

Argent Trust Co raised its position in Rockwell Automation, Inc. (NYSE:ROK) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,575 shares of the industrial products company’s stock after purchasing an additional 69 shares during the quarter. Argent Trust Co’s holdings in Rockwell Automation were worth $1,810,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its holdings in Rockwell Automation by 17.5% in the first quarter. Hazlett Burt & Watson Inc. now owns 248 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 37 shares during the last quarter. CreativeOne Wealth LLC raised its position in Rockwell Automation by 3.0% in the first quarter. CreativeOne Wealth LLC now owns 1,277 shares of the industrial products company’s stock valued at $372,000 after purchasing an additional 37 shares during the period. Mather Group LLC. lifted its stake in shares of Rockwell Automation by 5.9% in the 2nd quarter. Mather Group LLC. now owns 680 shares of the industrial products company’s stock valued at $198,000 after purchasing an additional 38 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Rockwell Automation by 5.9% during the 1st quarter. Lindbrook Capital LLC now owns 749 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 42 shares during the period. Finally, Pure Financial Advisors LLC increased its position in shares of Rockwell Automation by 2.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,613 shares of the industrial products company’s stock worth $444,000 after purchasing an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Stock Performance

Shares of ROK opened at $262.74 on Thursday. The company has a market capitalization of $29.95 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 4.57 and a beta of 1.37. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.73. Rockwell Automation, Inc. has a 52-week low of $242.81 and a 52-week high of $312.76. The stock has a 50 day moving average price of $265.79 and a 200 day moving average price of $270.34.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.63. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm posted $3.01 earnings per share. Rockwell Automation’s revenue for the quarter was down 8.4% on a year-over-year basis. Research analysts predict that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation declared that its Board of Directors has initiated a share repurchase program on Thursday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on ROK. Wells Fargo & Company lowered their target price on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Barclays cut their target price on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their target price on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Redburn Atlantic assumed coverage on shares of Rockwell Automation in a report on Monday, July 8th. They issued a “neutral” rating and a $256.00 price objective for the company. Finally, Bank of America cut their price objective on Rockwell Automation from $300.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Rockwell Automation has an average rating of “Hold” and an average target price of $282.80.

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.