1620 Investment Advisors Inc. Trims Holdings in Rockwell Automation, Inc. (NYSE:ROK)

1620 Investment Advisors Inc. lowered its stake in shares of Rockwell Automation, Inc. (NYSE:ROK) by 56.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 287 shares of the industrial products company’s stock after selling 367 shares during the period. 1620 Investment Advisors Inc.’s holdings in Rockwell Automation were worth $77,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norden Group LLC purchased a new stake in shares of Rockwell Automation in the 1st quarter valued at $2,003,000. First Trust Direct Indexing L.P. boosted its stake in shares of Rockwell Automation by 4.1% in the first quarter. First Trust Direct Indexing L.P. now owns 3,549 shares of the industrial products company’s stock valued at $1,034,000 after purchasing an additional 139 shares during the period. Marshall Financial Group LLC grew its holdings in shares of Rockwell Automation by 12.7% in the first quarter. Marshall Financial Group LLC now owns 3,003 shares of the industrial products company’s stock valued at $875,000 after purchasing an additional 338 shares in the last quarter. Everett Harris & Co. CA purchased a new stake in Rockwell Automation during the 1st quarter worth approximately $204,000. Finally, J.W. Cole Advisors Inc. boosted its position in Rockwell Automation by 7.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 2,119 shares of the industrial products company’s stock valued at $617,000 after buying an additional 141 shares during the period. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. TD Cowen cut their price objective 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. Morgan Stanley started coverage on Rockwell Automation in a research report on Friday, September 6th. They issued an “overweight” rating and a $320.00 price target on the stock. Wells Fargo & Company boosted their price objective on Rockwell Automation from $293.00 to $305.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Oppenheimer upped their price objective on Rockwell Automation from $270.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Robert W. Baird decreased their target price on Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $286.47.

Rockwell Automation Stock Performance

Shares of ROK opened at $266.61 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 52-week low of $242.81 and a 52-week high of $312.76. The company has a 50-day simple moving average of $265.99 and a 200-day simple moving average of $266.81. The company has a market capitalization of $30.25 billion, a PE ratio of 30.30, a P/E/G ratio of 4.70 and a beta of 1.36.

Rockwell Automation (NYSE:ROK) last issued its 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 company 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 firm’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period last year, the company posted $3.01 earnings per share. Equities research analysts predict that Rockwell Automation, Inc. will post 9.65 earnings per share for the current fiscal year.

Rockwell Automation declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.