Edgestream Partners L.P. Takes $350,000 Position in Rockwell Automation, Inc. (NYSE:ROK)

Edgestream Partners L.P. purchased a new position in shares of Rockwell Automation, Inc. (NYSE:ROK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,270 shares of the industrial products company’s stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. increased its stake in Rockwell Automation by 17.5% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 248 shares of the industrial products company’s stock worth $72,000 after buying an additional 37 shares during the period. CreativeOne Wealth LLC increased its stake in Rockwell Automation by 3.0% during the 1st quarter. CreativeOne Wealth LLC now owns 1,277 shares of the industrial products company’s stock worth $372,000 after buying an additional 37 shares during the period. Mather Group LLC. increased its stake in Rockwell Automation by 5.9% during the 2nd quarter. Mather Group LLC. now owns 680 shares of the industrial products company’s stock worth $198,000 after buying an additional 38 shares during the period. Lindbrook Capital LLC increased its stake in Rockwell Automation by 5.9% during the 1st quarter. Lindbrook Capital LLC now owns 749 shares of the industrial products company’s stock worth $218,000 after buying an additional 42 shares during the period. Finally, Pure Financial Advisors LLC increased its stake in Rockwell Automation by 2.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,613 shares of the industrial products company’s stock worth $444,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Trading Down 2.5 %

Rockwell Automation stock opened at $261.60 on Monday. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $265.23 and a two-hundred day moving average price of $269.87. The firm 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, Inc. has a 52-week low of $242.81 and a 52-week high of $312.76.

Rockwell Automation (NYSE:ROK) last posted its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.63. The firm had revenue of $2.05 billion during 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 was down 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.01 EPS. Sell-side analysts expect that Rockwell Automation, Inc. will post 9.67 earnings per share for the current year.

Rockwell Automation declared that its board has initiated a share repurchase plan on Thursday, September 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase 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 stock is undervalued.

Wall Street Analyst Weigh In

ROK has been the topic of several analyst reports. TD Cowen dropped their price target on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their price objective on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Oppenheimer decreased their price objective on shares of Rockwell Automation from $295.00 to $270.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Morgan Stanley initiated coverage on shares of Rockwell Automation in a report on Friday, September 6th. They set an “overweight” rating and a $320.00 price objective for the company. Finally, Redburn Atlantic initiated coverage on shares of Rockwell Automation in a report on Monday, July 8th. They set a “neutral” rating and a $256.00 price objective for the company. Three 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, the company presently has an average rating of “Hold” and a consensus price target of $282.80.

Rockwell Automation 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.