Parallel Advisors LLC Sells 104 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Parallel Advisors LLC lessened its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,413 shares of the industrial products company’s stock after selling 104 shares during the period. Parallel Advisors LLC’s holdings in Rockwell Automation were worth $389,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Norden Group LLC acquired a new position in shares of Rockwell Automation during the 1st quarter worth about $2,003,000. SG Americas Securities LLC lifted its stake in Rockwell Automation by 186.9% in the 1st quarter. SG Americas Securities LLC now owns 14,731 shares of the industrial products company’s stock valued at $4,292,000 after purchasing an additional 9,596 shares during the last quarter. Comerica Bank lifted its stake in Rockwell Automation by 6.1% in the 1st quarter. Comerica Bank now owns 60,019 shares of the industrial products company’s stock valued at $17,485,000 after purchasing an additional 3,425 shares during the last quarter. Mairs & Power Inc. lifted its position in Rockwell Automation by 2.4% during the fourth quarter. Mairs & Power Inc. now owns 384,684 shares of the industrial products company’s stock worth $119,437,000 after acquiring an additional 9,132 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Rockwell Automation by 4.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 99,905 shares of the industrial products company’s stock worth $31,019,000 after acquiring an additional 4,089 shares during the last quarter. Institutional investors own 75.75% of the company’s stock.

Rockwell Automation Price Performance

Shares of NYSE:ROK opened at $263.20 on Wednesday. The firm has a market cap of $30.01 billion, a PE ratio of 25.73, a price-to-earnings-growth ratio of 4.57 and a beta of 1.37. The firm’s fifty day moving average is $265.83 and its 200-day moving average is $270.39. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.68 and a current ratio of 1.04. Rockwell Automation, Inc. has a 52 week low of $242.81 and a 52 week high of $312.76.

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, beating the consensus estimate of $2.08 by $0.63. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. Rockwell Automation’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.01 earnings per share. Sell-side analysts predict that Rockwell Automation, Inc. will post 9.67 earnings per share for the current year.

Rockwell Automation announced that its board has authorized a stock repurchase plan on Thursday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Robert W. Baird cut their price objective on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. lowered their target price on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a report on Monday, August 12th. Redburn Atlantic assumed coverage on shares of Rockwell Automation in a report on Monday, July 8th. They set a “neutral” rating and a $256.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Finally, Bank of America lowered their target price 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. 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, the stock currently has an average rating of “Hold” and an average price target 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.