Rockwell Automation (NYSE:ROK) Given New $300.00 Price Target at Oppenheimer

Rockwell Automation (NYSE:ROK) had its price objective upped by investment analysts at Oppenheimer from $288.00 to $300.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s target price would indicate a potential upside of 8.82% from the company’s current price.

ROK has been the topic of a number of other reports. Robert W. Baird boosted their target price on shares of Rockwell Automation from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday. JPMorgan Chase & Co. decreased their price target on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating on the stock in a research note on Monday, August 12th. TD Cowen reduced their price objective on shares of Rockwell Automation from $220.00 to $215.00 and set a “sell” rating on the stock in a report on Thursday, August 8th. Mizuho increased their price objective on Rockwell Automation from $245.00 to $270.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley began coverage on shares of Rockwell Automation in a research note on Friday, September 6th. They set an “overweight” rating and a $320.00 price target on the stock. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Rockwell Automation has an average rating of “Hold” and an average target price of $283.50.

Rockwell Automation Stock Down 0.5 %

ROK traded down $1.41 during midday trading on Friday, reaching $275.68. 243,296 shares of the company were exchanged, compared to its average volume of 875,441. Rockwell Automation 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 $266.71 and its 200 day moving average price is $266.63. The company has a market cap of $31.28 billion, a price-to-earnings ratio of 31.33, a price-to-earnings-growth ratio of 4.61 and a beta of 1.36. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.68 and a current ratio of 1.04.

Rockwell Automation (NYSE:ROK) last announced its quarterly earnings data on Thursday, November 7th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.07. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period last year, the firm earned $3.64 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, analysts expect that Rockwell Automation will post 9.65 EPS for the current year.

Rockwell Automation declared that its board has authorized a stock repurchase program on Thursday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Veena M. Lakkundi sold 579 shares of Rockwell Automation stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $266.86, for a total transaction of $154,511.94. Following the transaction, the senior vice president now owns 4,576 shares of the company’s stock, valued at $1,221,151.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Rockwell Automation

A number of institutional investors have recently added to or reduced their stakes in ROK. Pathway Financial Advisers LLC acquired a new position in Rockwell Automation during the first quarter worth $26,000. Richardson Financial Services Inc. increased its holdings in Rockwell Automation by 100.0% during the third quarter. Richardson Financial Services Inc. now owns 96 shares of the industrial products company’s stock worth $26,000 after buying an additional 48 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Rockwell Automation during the third quarter worth $26,000. ESL Trust Services LLC acquired a new position in Rockwell Automation during the first quarter worth $29,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Rockwell Automation during the second quarter worth $36,000. 75.75% of the stock is currently owned by institutional investors and hedge funds.

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.