1832 Asset Management L.P. Acquires 4,702 Shares of Rockwell Automation, Inc. (NYSE:ROK)

1832 Asset Management L.P. increased its holdings in shares of Rockwell Automation, Inc. (NYSE:ROK) by 41.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,969 shares of the industrial products company’s stock after purchasing an additional 4,702 shares during the quarter. 1832 Asset Management L.P.’s holdings in Rockwell Automation were worth $4,396,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. TrinityPoint Wealth LLC raised its holdings in shares of Rockwell Automation by 10.9% during the fourth quarter. TrinityPoint Wealth LLC now owns 959 shares of the industrial products company’s stock worth $298,000 after acquiring an additional 94 shares during the period. Norges Bank bought a new position in Rockwell Automation during the 4th quarter worth about $15,110,000. Assetmark Inc. raised its stake in shares of Rockwell Automation by 20.5% in the 4th quarter. Assetmark Inc. now owns 582 shares of the industrial products company’s stock valued at $181,000 after purchasing an additional 99 shares during the period. Nations Financial Group Inc. IA ADV lifted its holdings in shares of Rockwell Automation by 52.7% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 1,452 shares of the industrial products company’s stock valued at $451,000 after purchasing an additional 501 shares in the last quarter. Finally, Cape Investment Advisory Inc. acquired a new position in shares of Rockwell Automation during the fourth quarter worth about $54,000. 75.75% of the stock is currently owned by institutional investors and hedge funds.

Rockwell Automation Stock Performance

Shares of NYSE ROK opened at $262.00 on Wednesday. Rockwell Automation, Inc. has a 12 month low of $242.81 and a 12 month high of $312.76. The stock has a 50 day moving average of $264.10 and a 200-day moving average of $269.41. 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 capitalization of $29.87 billion, a P/E ratio of 25.61, a P/E/G ratio of 4.57 and a beta of 1.37.

Rockwell Automation (NYSE:ROK) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 EPS 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 the consensus estimate of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The company’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.01 earnings per share. As a group, equities research analysts predict that Rockwell Automation, Inc. will post 9.67 EPS for the current year.

Rockwell Automation announced that its Board of Directors has initiated a share repurchase 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 buy up to 3.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Morgan Stanley began coverage on Rockwell Automation in a research report on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price on the stock. Wells Fargo & Company lowered their price objective 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. Barclays reduced their target price on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Bank of America lowered 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 note on Thursday, August 8th. Finally, Redburn Atlantic began coverage on shares of Rockwell Automation in a research note on Monday, July 8th. They set a “neutral” rating and a $256.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average 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.