Rockwell Automation, Inc. (NYSE:ROK) Stake Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in Rockwell Automation, Inc. (NYSE:ROK) by 21.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,893 shares of the industrial products company’s stock after buying an additional 11,996 shares during the period. Envestnet Asset Management Inc.’s holdings in Rockwell Automation were worth $18,965,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ROK. Pathway Financial Advisers LLC bought a new position in Rockwell Automation during the 1st quarter worth approximately $26,000. Riverview Trust Co bought a new position in Rockwell Automation during the first quarter worth $28,000. ESL Trust Services LLC acquired a new position in Rockwell Automation in the first quarter worth $29,000. Security National Bank bought a new stake in Rockwell Automation during the fourth quarter valued at $40,000. Finally, Cooksen Wealth LLC bought a new position in shares of Rockwell Automation in the 4th quarter worth about $40,000. Institutional investors own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Rockwell Automation from $305.00 to $293.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. TD Cowen cut their target price on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a report on Thursday, August 8th. Robert W. Baird cut their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. cut 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. Finally, Bank of America cut 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 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. Based on data from MarketBeat, Rockwell Automation has a consensus rating of “Hold” and a consensus price target of $282.80.

Rockwell Automation Stock Down 0.2 %

Shares of Rockwell Automation stock opened at $261.06 on Tuesday. The stock has a 50-day moving average price of $264.75 and a 200 day moving average price of $269.64. 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 company has a market cap of $29.76 billion, a P/E ratio of 25.52, a P/E/G ratio of 4.57 and a beta of 1.37. Rockwell Automation, Inc. has a 1 year low of $242.81 and a 1 year high of $312.76.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.63. The firm 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%. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.01 EPS. As a group, analysts expect that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation announced that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.