Rockwell Automation, Inc. (NYSE:ROK) Shares Purchased by Alaethes Wealth LLC

Alaethes Wealth LLC boosted its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 7.3% during the second quarter, Holdings Channel reports. The firm owned 4,251 shares of the industrial products company’s stock after buying an additional 288 shares during the quarter. Alaethes Wealth LLC’s holdings in Rockwell Automation were worth $1,170,000 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 ROK. Pathway Financial Advisers LLC purchased a new position in Rockwell Automation in the 1st quarter valued at about $26,000. Riverview Trust Co acquired a new stake in shares of Rockwell Automation during the first quarter valued at about $28,000. ESL Trust Services LLC purchased a new position in shares of Rockwell Automation during the 1st quarter valued at approximately $29,000. Security National Bank bought a new stake in Rockwell Automation in the fourth quarter valued at about $40,000. Finally, Cooksen Wealth LLC bought a new position in shares of Rockwell Automation in the 4th quarter worth about $40,000. 75.75% of the stock is owned by institutional investors and hedge funds.

Rockwell Automation Stock Performance

ROK opened at $261.58 on Friday. The business has a fifty day simple moving average of $265.23 and a 200-day simple moving average of $270.14. The firm has a market cap of $29.82 billion, a PE ratio of 25.57, a P/E/G ratio of 4.57 and a beta of 1.37. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.73. Rockwell Automation, Inc. has a fifty-two week low of $242.81 and a fifty-two week high of $312.76.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.63. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company posted $3.01 EPS. As a group, equities analysts predict that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation announced that its board has initiated a share buyback plan on Thursday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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