Cabot Wealth Management Inc. Increases Stake in Rockwell Automation, Inc. (NYSE:ROK)

Cabot Wealth Management Inc. raised its position in Rockwell Automation, Inc. (NYSE:ROK) by 1.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 45,809 shares of the industrial products company’s stock after purchasing an additional 555 shares during the period. Rockwell Automation accounts for approximately 1.5% of Cabot Wealth Management Inc.’s portfolio, making the stock its 27th biggest holding. Cabot Wealth Management Inc.’s holdings in Rockwell Automation were worth $12,298,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creative Planning raised its holdings in shares of Rockwell Automation by 3.2% during the 3rd quarter. Creative Planning now owns 25,927 shares of the industrial products company’s stock worth $6,960,000 after acquiring an additional 807 shares during the period. Fiduciary Alliance LLC purchased a new position in shares of Rockwell Automation during the 3rd quarter worth $234,000. InTrack Investment Management Inc raised its holdings in shares of Rockwell Automation by 23.3% during the 3rd quarter. InTrack Investment Management Inc now owns 2,663 shares of the industrial products company’s stock worth $715,000 after acquiring an additional 504 shares during the period. Ritholtz Wealth Management purchased a new position in shares of Rockwell Automation during the 3rd quarter worth $214,000. Finally, Octavia Wealth Advisors LLC raised its holdings in shares of Rockwell Automation by 8.8% during the 3rd quarter. Octavia Wealth Advisors LLC now owns 1,884 shares of the industrial products company’s stock worth $506,000 after acquiring an additional 152 shares during the period. Hedge funds and other institutional investors own 75.75% of the company’s stock.

Rockwell Automation Stock Down 1.1 %

ROK traded down $3.05 on Tuesday, reaching $272.22. The company’s stock had a trading volume of 490,544 shares, compared to its average volume of 890,042. The stock has a 50 day moving average of $263.45 and a two-hundred day moving average of $267.80. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $31.03 billion, a price-to-earnings ratio of 26.93, a P/E/G ratio of 4.64 and a beta of 1.36. Rockwell Automation, Inc. has a fifty-two week low of $242.81 and a fifty-two week high of $312.76.

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

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

Analysts Set New Price Targets

Several research analysts have recently commented on ROK shares. Wells Fargo & Company lifted their price target on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Redburn Atlantic assumed coverage on Rockwell Automation in a research report on Monday, July 8th. They set a “neutral” rating and a $256.00 price objective for the company. Robert W. Baird cut their price objective on Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Barclays cut their price objective on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Finally, TD Cowen cut their price objective on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating for the company in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Rockwell Automation currently has a consensus rating of “Hold” and a consensus target price of $284.80.

About Rockwell Automation

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.