Carnegie Investment Counsel Sells 11,912 Shares of Rockwell Automation, Inc. (NYSE:ROK)

Carnegie Investment Counsel lessened its position in shares of Rockwell Automation, Inc. (NYSE:ROK) by 12.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,357 shares of the industrial products company’s stock after selling 11,912 shares during the quarter. Carnegie Investment Counsel owned approximately 0.07% of Rockwell Automation worth $21,573,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ROK. Pathway Financial Advisers LLC bought a new stake in shares of Rockwell Automation in the 1st quarter valued at approximately $26,000. Riverview Trust Co acquired a new stake in Rockwell Automation in the 1st quarter valued at $28,000. ESL Trust Services LLC bought a new stake in Rockwell Automation in the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Rockwell Automation during the second quarter worth $36,000. Finally, Cooksen Wealth LLC bought a new position in shares of Rockwell Automation during the fourth quarter valued at $40,000. 75.75% of the stock is currently owned by institutional investors.

Rockwell Automation Trading Up 1.1 %

ROK opened at $271.16 on Friday. The firm has a 50 day simple moving average of $262.91 and a 200 day simple moving average of $268.07. Rockwell Automation, Inc. has a fifty-two week low of $242.81 and a fifty-two week high of $312.76. The company has a market cap of $30.77 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 4.64 and a beta of 1.36. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.04 and a quick ratio of 0.68.

Rockwell Automation (NYSE:ROK) last issued its earnings results 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. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company posted $3.01 EPS. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Rockwell Automation, Inc. will post 9.67 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

ROK has been the topic of several analyst reports. Morgan Stanley started coverage on shares of Rockwell Automation in a report on Friday, September 6th. They issued an “overweight” rating and a $320.00 target price on the stock. Barclays decreased their price objective on shares of Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. Redburn Atlantic started coverage on shares of Rockwell Automation in a research note on Monday, July 8th. They issued a “neutral” rating and a $256.00 target price for the company. Wells Fargo & Company boosted their target price on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Bank of America dropped their price target on Rockwell Automation from $300.00 to $270.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $283.60.

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.