Rockwell Automation, Inc. (NYSE:ROK) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its position in Rockwell Automation, Inc. (NYSE:ROK) by 21.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 68,893 shares of the industrial products company’s stock after acquiring an additional 11,996 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Rockwell Automation worth $18,965,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Wealthspire Advisors LLC lifted its stake in shares of Rockwell Automation by 4.2% in the 2nd quarter. Wealthspire Advisors LLC now owns 2,259 shares of the industrial products company’s stock worth $622,000 after acquiring an additional 92 shares during the period. Hardin Capital Partners LLC purchased a new position in shares of Rockwell Automation in the 2nd quarter valued at about $322,000. Federated Hermes Inc. increased its holdings in shares of Rockwell Automation by 10.1% in the 2nd quarter. Federated Hermes Inc. now owns 116,836 shares of the industrial products company’s stock valued at $32,163,000 after purchasing an additional 10,701 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Rockwell Automation by 3.3% in the 2nd quarter. GHP Investment Advisors Inc. now owns 45,750 shares of the industrial products company’s stock valued at $12,594,000 after purchasing an additional 1,482 shares in the last quarter. Finally, TradeLink Capital LLC purchased a new position in shares of Rockwell Automation in the 2nd quarter valued at about $303,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Morgan Stanley assumed coverage on shares of Rockwell Automation in a report on Friday, September 6th. They issued an “overweight” rating and a $320.00 price target for the company. TD Cowen cut their price target on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company dropped their target price on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Finally, Robert W. Baird dropped their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rockwell Automation has an average rating of “Hold” and an average target price of $282.80.

Rockwell Automation Stock Performance

Shares of NYSE ROK opened at $261.06 on Tuesday. The company has a 50-day simple moving average of $264.75 and a 200-day simple moving average of $269.64. 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 12 month low of $242.81 and a 12 month high of $312.76. The company has a market cap of $29.76 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 4.57 and a beta of 1.37.

Rockwell Automation (NYSE:ROK) last released its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share (EPS) 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 business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the company earned $3.01 earnings per share. The company’s quarterly revenue was down 8.4% on a year-over-year basis. On average, equities analysts anticipate that Rockwell Automation, Inc. will post 9.67 earnings per share for the current year.

Rockwell Automation declared that its Board of Directors has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership 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.