Bar Harbor Wealth Management Reduces Stock Holdings in Rockwell Automation, Inc. (NYSE:ROK)

Bar Harbor Wealth Management cut its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 20.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,417 shares of the industrial products company’s stock after selling 361 shares during the quarter. Bar Harbor Wealth Management’s holdings in Rockwell Automation were worth $380,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ROK. Hazlett Burt & Watson Inc. boosted its stake in Rockwell Automation by 17.5% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 248 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 37 shares in the last quarter. CreativeOne Wealth LLC increased its position in shares of Rockwell Automation by 3.0% in the 1st quarter. CreativeOne Wealth LLC now owns 1,277 shares of the industrial products company’s stock valued at $372,000 after acquiring an additional 37 shares during the period. Mather Group LLC. raised its stake in Rockwell Automation by 5.9% in the 2nd quarter. Mather Group LLC. now owns 680 shares of the industrial products company’s stock worth $198,000 after acquiring an additional 38 shares during the last quarter. Pure Financial Advisors LLC lifted its position in Rockwell Automation by 2.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,613 shares of the industrial products company’s stock worth $444,000 after acquiring an additional 42 shares during the period. Finally, Pitcairn Co. grew its stake in Rockwell Automation by 4.2% during the 1st quarter. Pitcairn Co. now owns 1,096 shares of the industrial products company’s stock valued at $319,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Bank of America lifted their target price on Rockwell Automation from $270.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday. Robert W. Baird dropped their price objective on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Redburn Atlantic started coverage on shares of Rockwell Automation in a report on Monday, July 8th. They set a “neutral” rating and a $256.00 target price for the company. Mizuho increased their price target on Rockwell Automation from $245.00 to $270.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $286.47.

Rockwell Automation Stock Performance

ROK opened at $272.82 on Friday. The company has a market cap of $31.10 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 4.64 and a beta of 1.36. The firm’s fifty day simple moving average is $264.95 and its two-hundred day simple moving average is $267.67. 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.

Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.63. Rockwell Automation had a return on equity of 34.09% and a net margin of 11.56%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the firm posted $3.01 EPS. Rockwell Automation’s revenue was down 8.4% compared to the same quarter last year. Equities analysts anticipate that Rockwell Automation, Inc. will post 9.67 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 outstanding 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 often a sign that the company’s board 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.