Bank of America Boosts Rockwell Automation (NYSE:ROK) Price Target to $285.00

Rockwell Automation (NYSE:ROK) had its target price hoisted by analysts at Bank of America from $270.00 to $285.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s price target suggests a potential upside of 4.53% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Robert W. Baird reduced their price objective on Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. TD Cowen reduced their price target on Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a research report on Thursday, August 8th. 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. Barclays cut their price objective on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. Finally, Morgan Stanley initiated coverage on shares of Rockwell Automation in a report on Friday, September 6th. They set an “overweight” rating and a $320.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Rockwell Automation currently has an average rating of “Hold” and a consensus price target of $286.47.

Rockwell Automation Price Performance

ROK stock traded down $1.60 during midday trading on Thursday, reaching $272.64. The company had a trading volume of 45,728 shares, compared to its average volume of 884,097. Rockwell Automation has a 1-year low of $242.81 and a 1-year high of $312.76. The stock has a 50 day moving average price of $264.38 and a 200-day moving average price of $267.71. 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 $31.08 billion, a price-to-earnings ratio of 26.71, a price-to-earnings-growth ratio of 4.64 and a beta of 1.36.

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 analysts’ consensus estimates of $2.08 by $0.63. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Rockwell Automation had a net margin of 11.56% and a return on equity of 34.09%. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.01 earnings per share. Equities research analysts expect that Rockwell Automation will post 9.67 earnings per share for the current year.

Rockwell Automation announced that its board has authorized a share buyback program 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 buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Rockwell Automation

A number of hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new position in Rockwell Automation during the 1st quarter worth $26,000. Riverview Trust Co bought a new stake in Rockwell Automation during the first quarter worth $28,000. ESL Trust Services LLC bought a new position in Rockwell Automation in the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Rockwell Automation during the 2nd quarter valued at $36,000. Finally, Webster Bank N. A. purchased a new position in shares of Rockwell Automation during the 1st quarter valued at $44,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

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.