VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Rockwell Automation, Inc. (NYSE:ROK – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 12,360 shares of the industrial products company’s stock, valued at approximately $6,119,000.
Several other large investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its stake in Rockwell Automation by 50,536.8% in the 2nd quarter. California State Teachers Retirement System now owns 84,037,850 shares of the industrial products company’s stock worth $41,605,459,000 after purchasing an additional 83,871,888 shares during the period. Ameritas Advisory Services LLC increased its position in shares of Rockwell Automation by 125.4% during the second quarter. Ameritas Advisory Services LLC now owns 5,746 shares of the industrial products company’s stock valued at $2,845,000 after buying an additional 3,197 shares during the period. Wedmont Private Capital increased its position in shares of Rockwell Automation by 4.0% during the second quarter. Wedmont Private Capital now owns 3,101 shares of the industrial products company’s stock valued at $1,464,000 after buying an additional 120 shares during the period. HB Wealth Management LLC lifted its holdings in shares of Rockwell Automation by 11.9% in the second quarter. HB Wealth Management LLC now owns 4,222 shares of the industrial products company’s stock worth $2,090,000 after buying an additional 450 shares in the last quarter. Finally, Saudi Central Bank boosted its position in shares of Rockwell Automation by 89.5% in the second quarter. Saudi Central Bank now owns 7,865 shares of the industrial products company’s stock valued at $3,894,000 after acquiring an additional 3,715 shares during the period. Institutional investors own 75.75% of the company’s stock.
Rockwell Automation Stock Down 0.9%
Shares of NYSE ROK opened at $429.77 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.74 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average of $451.67 and a 200-day moving average of $428.98. The firm has a market capitalization of $47.73 billion, a price-to-earnings ratio of 40.28, a PEG ratio of 2.53 and a beta of 1.52. Rockwell Automation, Inc. has a 12 month low of $332.71 and a 12 month high of $497.36.
Rockwell Automation declared that its Board of Directors has approved a stock repurchase plan on Tuesday, June 9th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
Analysts Set New Price Targets
ROK has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Rockwell Automation from $525.00 to $545.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Citigroup lowered their target price on shares of Rockwell Automation from $555.00 to $536.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. TD Cowen boosted their price target on shares of Rockwell Automation from $350.00 to $400.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Robert W. Baird set a $514.00 price target on shares of Rockwell Automation in a research report on Wednesday, August 5th. Finally, Zacks Research cut shares of Rockwell Automation from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 30th. Nine analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Rockwell Automation presently has a consensus rating of “Hold” and an average target price of $469.14.
Get Our Latest Research Report on ROK
Insider Activity
In related news, Director Patricia A. Watson sold 1,100 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $431.43, for a total value of $474,573.00. Following the completion of the transaction, the director directly owned 6,385 shares in the company, valued at approximately $2,754,680.55. The trade was a 14.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christian E. Rothe sold 590 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $434.30, for a total value of $256,237.00. Following the completion of the transaction, the chief financial officer directly owned 10,429 shares in the company, valued at approximately $4,529,314.70. This represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 2,557 shares of company stock worth $1,098,256. 0.76% of the stock is currently owned by corporate insiders.
Rockwell Automation Profile
Rockwell Automation is a global industrial automation and digital transformation company headquartered in Milwaukee, Wisconsin. The firm designs, manufactures and supports control systems, industrial control hardware and software, and related services that help manufacturers and industrial operators automate processes, improve productivity and enable data-driven decision making. Rockwell traces its heritage to the Allen-Bradley and Rockwell automation businesses and positions itself as a provider of integrated automation solutions across discrete and process industries.
The company’s product portfolio includes programmable logic controllers (PLCs), human-machine interfaces (HMIs), variable frequency drives, sensors, safety components and other industrial control hardware, often marketed under the Allen-Bradley brand.
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