Cannon Financial Strategists Inc. Invests $313,000 in Rockwell Automation, Inc. (NYSE:ROK)

Cannon Financial Strategists Inc. purchased a new stake in Rockwell Automation, Inc. (NYSE:ROK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,138 shares of the industrial products company’s stock, valued at approximately $313,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new position in Rockwell Automation in the 1st quarter valued at about $26,000. Riverview Trust Co acquired a new position in Rockwell Automation in the 1st quarter valued at about $28,000. ESL Trust Services LLC acquired a new position in Rockwell Automation in the 1st quarter valued at about $29,000. Security National Bank acquired a new position in shares of Rockwell Automation during the 4th quarter worth approximately $40,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Rockwell Automation during the 2nd quarter worth approximately $36,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

ROK has been the topic of a number of analyst reports. Bank of America decreased their target price 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 initiated coverage on shares of Rockwell Automation in a research report on Friday, September 6th. They set an “overweight” rating and a $320.00 target price on the stock. Robert W. Baird decreased their target price on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Barclays decreased their target price on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a research report on Monday, August 12th. Three research 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $282.80.

Rockwell Automation Trading Down 1.2 %

Shares of Rockwell Automation stock opened at $265.26 on Wednesday. The firm’s 50 day moving average is $263.21 and its 200 day moving average is $268.84. The firm has a market capitalization of $30.24 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 4.64 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. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 0.73.

Rockwell Automation (NYSE:ROK) last posted its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $2.08 by $0.63. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the firm posted $3.01 earnings per share. The company’s revenue was down 8.4% on a year-over-year basis. Equities research analysts forecast that Rockwell Automation, Inc. will post 9.67 earnings per share for the current fiscal year.

Rockwell Automation declared that its board has approved a stock repurchase plan on Thursday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management 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.