Rockwell Automation, Inc. (NYSE:ROK) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its stake in shares of Rockwell Automation, Inc. (NYSE:ROK) by 0.4% in the third quarter, Holdings Channel.com reports. The fund owned 13,764 shares of the industrial products company’s stock after buying an additional 55 shares during the quarter. State of Alaska Department of Revenue’s holdings in Rockwell Automation were worth $3,694,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pathway Financial Advisers LLC purchased a new stake in shares of Rockwell Automation in the first quarter valued at $26,000. ESL Trust Services LLC purchased a new stake in shares of Rockwell Automation in the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Rockwell Automation in the second quarter valued at $36,000. Cultivar Capital Inc. purchased a new stake in shares of Rockwell Automation in the second quarter valued at $46,000. Finally, DiNuzzo Private Wealth Inc. lifted its holdings in shares of Rockwell Automation by 1,707.7% in the third quarter. DiNuzzo Private Wealth Inc. now owns 235 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 222 shares in the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ROK. Redburn Atlantic began coverage on Rockwell Automation in a report on Monday, July 8th. They issued a “neutral” rating and a $256.00 target price for the company. Mizuho increased their target price on Rockwell Automation from $245.00 to $270.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Oppenheimer increased their target price on Rockwell Automation from $270.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Barclays cut their price objective on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Finally, Morgan Stanley initiated coverage on Rockwell Automation in a report on Friday, September 6th. They set an “overweight” rating and a $320.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $286.47.

Rockwell Automation Trading Down 0.7 %

Rockwell Automation stock opened at $266.61 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.04 and a quick ratio of 0.68. The company has a market capitalization of $30.25 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 4.70 and a beta of 1.36. Rockwell Automation, Inc. has a one year low of $242.81 and a one year high of $312.76. The company’s fifty day moving average price is $265.99 and its two-hundred day moving average price is $266.81.

Rockwell Automation (NYSE:ROK) last posted its earnings results on Wednesday, August 7th. The industrial products company reported $2.71 EPS for the quarter, topping 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 business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.01 earnings per share. On average, analysts forecast that Rockwell Automation, Inc. will post 9.65 earnings per share for the current fiscal year.

Rockwell Automation announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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.