Sumitomo Life Insurance Co. Raises Stake in Rockwell Automation, Inc. (NYSE:ROK)

Sumitomo Life Insurance Co. increased its stake in shares of Rockwell Automation, Inc. (NYSE:ROK) by 1.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,081 shares of the industrial products company’s stock after buying an additional 148 shares during the period. Sumitomo Life Insurance Co.’s holdings in Rockwell Automation were worth $2,706,000 as of its most recent SEC filing.

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

Rockwell Automation Price Performance

Shares of NYSE ROK traded up $2.96 during midday trading on Wednesday, hitting $275.18. 57,165 shares of the company’s stock were exchanged, compared to its average volume of 885,899. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 0.73. The business’s fifty day moving average price is $263.89 and its two-hundred day moving average price is $267.67. The company has a market cap of $31.37 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 4.64 and a beta of 1.36. Rockwell Automation, Inc. has a 12-month low of $242.81 and a 12-month high of $312.76.

Rockwell Automation (NYSE:ROK) last released its quarterly 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 business 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 quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.01 EPS. As a group, research analysts forecast that Rockwell Automation, Inc. will post 9.67 EPS for the current fiscal year.

Rockwell Automation announced that its Board of Directors has initiated a stock buyback program on Thursday, September 5th that permits the company to buyback $1.00 billion in 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 usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

ROK has been the subject of several recent research reports. Barclays decreased their price objective on Rockwell Automation from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Redburn Atlantic initiated coverage on shares of Rockwell Automation in a research note on Monday, July 8th. They issued a “neutral” rating and a $256.00 target price for the company. Robert W. Baird lowered their price target on shares of Rockwell Automation from $304.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. cut their price objective on shares of Rockwell Automation from $245.00 to $227.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company boosted their target price on shares of Rockwell Automation from $293.00 to $305.00 and gave the company an “overweight” rating in a report on Monday, October 7th. 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $284.80.

Rockwell Automation 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.