Heron Bay Capital Management Acquires 1,503 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Heron Bay Capital Management raised its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 3.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,628 shares of the industrial products company’s stock after buying an additional 1,503 shares during the quarter. Rockwell Automation comprises 2.5% of Heron Bay Capital Management’s investment portfolio, making the stock its 15th largest position. Heron Bay Capital Management’s holdings in Rockwell Automation were worth $11,735,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ROK. Frank Rimerman Advisors LLC increased its position in Rockwell Automation by 24,216.7% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 1,459 shares of the industrial products company’s stock valued at $402,000 after purchasing an additional 1,453 shares during the period. ProShare Advisors LLC increased its position in shares of Rockwell Automation by 8.1% during the second quarter. ProShare Advisors LLC now owns 15,929 shares of the industrial products company’s stock valued at $4,385,000 after buying an additional 1,190 shares during the period. Alaethes Wealth LLC raised its stake in Rockwell Automation by 7.3% in the second quarter. Alaethes Wealth LLC now owns 4,251 shares of the industrial products company’s stock worth $1,170,000 after buying an additional 288 shares in the last quarter. Sompo Asset Management Co. Ltd. lifted its holdings in Rockwell Automation by 10.4% in the second quarter. Sompo Asset Management Co. Ltd. now owns 31,017 shares of the industrial products company’s stock worth $8,538,000 after buying an additional 2,927 shares during the period. Finally, Transatlantique Private Wealth LLC boosted its position in Rockwell Automation by 2.4% during the 2nd quarter. Transatlantique Private Wealth LLC now owns 2,970 shares of the industrial products company’s stock valued at $818,000 after acquiring an additional 70 shares in the last quarter. 75.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ROK shares. Bank of America lowered their target price on Rockwell Automation from $300.00 to $270.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. dropped 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 began 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 on the stock. Wells Fargo & Company lowered their price target on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Finally, Robert W. Baird decreased their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Rockwell Automation currently has an average rating of “Hold” and a consensus price target of $282.80.

Rockwell Automation Price Performance

NYSE ROK opened at $261.60 on Friday. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76. The stock has a 50-day moving average of $265.23 and a 200 day moving average of $270.02. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.68 and a current ratio of 1.04. The company has a market capitalization of $29.82 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 4.57 and a beta of 1.37.

Rockwell Automation (NYSE:ROK) last issued 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. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The firm’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the company posted $3.01 earnings per share. On average, sell-side analysts forecast that Rockwell Automation, Inc. will post 9.67 EPS for the current year.

Rockwell Automation announced that its board has approved a stock buyback plan on Thursday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to buy up to 3.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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.