Wells Fargo & Company Boosts Rockwell Automation (NYSE:ROK) Price Target to $305.00

Rockwell Automation (NYSE:ROK) had its price objective increased by Wells Fargo & Company from $293.00 to $305.00 in a report issued on Monday, Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other equities research analysts also recently weighed in on the company. Bank of America cut their price target 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. Redburn Atlantic began coverage on shares of Rockwell Automation in a research note on Monday, July 8th. They set a neutral rating and a $256.00 price objective on the stock. Morgan Stanley started coverage on shares of Rockwell Automation in a research note on Friday, September 6th. They issued an overweight rating and a $320.00 target price for the company. Barclays dropped their price target on shares of Rockwell Automation from $250.00 to $245.00 and set an underweight rating on the stock in a research report on Wednesday, July 10th. Finally, Oppenheimer lowered their target price on shares of Rockwell Automation from $295.00 to $270.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Rockwell Automation presently has a consensus rating of Hold and a consensus price target of $283.60.

Rockwell Automation Price Performance

NYSE ROK opened at $268.15 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.04 and a quick ratio of 0.68. The stock’s fifty day moving average price is $262.49 and its 200 day moving average price is $268.27. The company has a market cap of $30.43 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 4.64 and a beta of 1.36. Rockwell Automation has a 1 year low of $242.81 and a 1 year high of $312.76.

Rockwell Automation (NYSE:ROK) last issued its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.63. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm earned $3.01 earnings per share. Rockwell Automation’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, equities research analysts forecast that Rockwell Automation 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 permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Rockwell Automation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. InTrack Investment Management Inc boosted its position in Rockwell Automation by 23.3% during the third quarter. InTrack Investment Management Inc now owns 2,663 shares of the industrial products company’s stock worth $715,000 after acquiring an additional 504 shares during the last quarter. Ritholtz Wealth Management purchased a new position in shares of Rockwell Automation during the 3rd quarter worth $214,000. Octavia Wealth Advisors LLC boosted its position in shares of Rockwell Automation by 8.8% during the 3rd quarter. Octavia Wealth Advisors LLC now owns 1,884 shares of the industrial products company’s stock valued at $506,000 after acquiring an additional 152 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Rockwell Automation by 238.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 864 shares of the industrial products company’s stock valued at $232,000 after purchasing an additional 609 shares during the period. Finally, Strong Tower Advisory Services increased its position in Rockwell Automation by 8.6% during the third quarter. Strong Tower Advisory Services now owns 1,859 shares of the industrial products company’s stock worth $499,000 after purchasing an additional 147 shares during the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.

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.