Edge Capital Group LLC Increases Holdings in Rockwell Automation, Inc. (NYSE:ROK)

Edge Capital Group LLC raised its stake in Rockwell Automation, Inc. (NYSE:ROK) by 10.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,314 shares of the industrial products company’s stock after acquiring an additional 2,262 shares during the period. Edge Capital Group LLC’s holdings in Rockwell Automation were worth $6,418,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ROK. 1832 Asset Management L.P. increased its stake in Rockwell Automation by 41.7% during the 2nd quarter. 1832 Asset Management L.P. now owns 15,969 shares of the industrial products company’s stock valued at $4,396,000 after purchasing an additional 4,702 shares in the last quarter. Heron Bay Capital Management raised its holdings in Rockwell Automation by 3.7% in the 2nd quarter. Heron Bay Capital Management now owns 42,628 shares of the industrial products company’s stock worth $11,735,000 after acquiring an additional 1,503 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in Rockwell Automation by 24,216.7% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 1,459 shares of the industrial products company’s stock worth $402,000 after acquiring an additional 1,453 shares during the last quarter. ProShare Advisors LLC lifted its position in Rockwell Automation by 8.1% in the 2nd quarter. ProShare Advisors LLC now owns 15,929 shares of the industrial products company’s stock valued at $4,385,000 after acquiring an additional 1,190 shares in the last quarter. Finally, Alaethes Wealth LLC boosted its stake in Rockwell Automation by 7.3% during the 2nd quarter. Alaethes Wealth LLC now owns 4,251 shares of the industrial products company’s stock valued at $1,170,000 after purchasing an additional 288 shares during the last quarter. 75.75% of the stock is currently owned by institutional investors.

Rockwell Automation Price Performance

NYSE ROK opened at $261.60 on Friday. The stock has a market cap of $29.82 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 4.57 and a beta of 1.37. Rockwell Automation, Inc. has a 12 month low of $242.81 and a 12 month high of $312.76. The company’s 50 day moving average is $265.23 and its two-hundred day moving average is $270.02. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 0.73.

Rockwell Automation (NYSE:ROK) last issued 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 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 EPS. Rockwell Automation’s quarterly revenue was down 8.4% compared to the same quarter last year. As a group, research analysts anticipate that Rockwell Automation, Inc. will post 9.67 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Barclays decreased their price target 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. Redburn Atlantic initiated coverage on shares of Rockwell Automation in a research note on Monday, July 8th. They set a “neutral” rating and a $256.00 target price on the stock. Bank of America dropped their price target 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. JPMorgan Chase & Co. lowered their price objective on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a research report on Monday, August 12th. Finally, Robert W. Baird dropped 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. Three 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. According to data from MarketBeat.com, Rockwell Automation currently has an average rating of “Hold” and a consensus target price of $282.80.

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.