Davis Rea LTD. Makes New Investment in Rockwell Automation, Inc. (NYSE:ROK)

Davis Rea LTD. purchased a new position in shares of Rockwell Automation, Inc. (NYSE:ROK) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 5,150 shares of the industrial products company’s stock, valued at approximately $1,383,000. Rockwell Automation accounts for about 0.6% of Davis Rea LTD.’s investment portfolio, making the stock its 25th largest position.

A number of other large investors also recently bought and sold shares of ROK. Pinnacle Associates Ltd. grew its holdings in Rockwell Automation by 102.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 8,695 shares of the industrial products company’s stock valued at $2,334,000 after purchasing an additional 4,403 shares in the last quarter. First Trust Direct Indexing L.P. grew its holdings in Rockwell Automation by 14.5% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,197 shares of the industrial products company’s stock valued at $1,127,000 after purchasing an additional 533 shares in the last quarter. MONECO Advisors LLC grew its holdings in Rockwell Automation by 4.2% during the 3rd quarter. MONECO Advisors LLC now owns 2,517 shares of the industrial products company’s stock valued at $676,000 after purchasing an additional 102 shares in the last quarter. Orrstown Financial Services Inc. acquired a new position in Rockwell Automation during the 3rd quarter worth $322,000. Finally, Smithbridge Asset Management Inc. DE increased its position in shares of Rockwell Automation by 10.2% in the 3rd quarter. Smithbridge Asset Management Inc. DE now owns 11,816 shares of the industrial products company’s stock worth $3,172,000 after purchasing an additional 1,096 shares during the last quarter. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Wall Street Analyst Weigh In

ROK has been the subject of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Robert W. Baird lowered their price objective on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company 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 price objective for the company. Redburn Atlantic began coverage on shares of Rockwell Automation in a research report on Monday, July 8th. They set a “neutral” rating and a $256.00 price objective for the company. Finally, Oppenheimer boosted their target price on shares of Rockwell Automation from $270.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $286.47.

Rockwell Automation Stock Performance

ROK stock opened at $266.91 on Thursday. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.73. Rockwell Automation, Inc. has a 12 month low of $242.81 and a 12 month high of $312.76. The firm has a 50 day moving average of $265.99 and a two-hundred day moving average of $266.81. The company has a market capitalization of $30.29 billion, a price-to-earnings ratio of 30.48, a P/E/G ratio of 4.70 and a beta of 1.36.

Rockwell Automation (NYSE:ROK) last issued its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $3.01 EPS. The business’s revenue was down 8.4% on a year-over-year basis. As a group, equities analysts anticipate that Rockwell Automation, Inc. will post 9.65 EPS for the current fiscal year.

Rockwell Automation declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally 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.