NorthCrest Asset Manangement LLC Boosts Position in Rockwell Automation, Inc. (NYSE:ROK)

NorthCrest Asset Manangement LLC lifted its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 4.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 32,342 shares of the industrial products company’s stock after acquiring an additional 1,473 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Rockwell Automation were worth $8,683,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in shares of Rockwell Automation in the first quarter valued at about $26,000. ESL Trust Services LLC acquired a new stake in Rockwell Automation during the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new position in Rockwell Automation during the second quarter worth $36,000. Webster Bank N. A. acquired a new position in shares of Rockwell Automation in the first quarter worth $44,000. Finally, Cultivar Capital Inc. purchased a new stake in shares of Rockwell Automation in the second quarter valued at $46,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Rockwell Automation Stock Up 0.8 %

ROK stock traded up $2.18 during trading on Friday, reaching $269.86. The stock had a trading volume of 380,817 shares, compared to its average volume of 873,659. The company has a market capitalization of $30.76 billion, a P/E ratio of 26.39, a PEG ratio of 4.68 and a beta of 1.36. Rockwell Automation, Inc. has a 1-year low of $242.81 and a 1-year high of $312.76. 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 fifty day moving average price of $265.64 and a 200 day moving average price of $267.38.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data 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. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.03 billion. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. Rockwell Automation’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.01 EPS. On average, equities analysts anticipate that Rockwell Automation, Inc. will post 9.65 earnings per share for the current year.

Rockwell Automation announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ROK. Barclays reduced their target price on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Mizuho raised their target price on shares of Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their target price on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. TD Cowen dropped their price target on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a research note on Thursday, August 8th. Finally, Redburn Atlantic started coverage on Rockwell Automation in a report on Monday, July 8th. They set a “neutral” rating and a $256.00 target price for the company. 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. According to data from MarketBeat, Rockwell Automation currently has an average rating of “Hold” and an average price target of $286.47.

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.