Rockwell Automation, Inc. (NYSE:ROK) Shares Purchased by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its holdings in Rockwell Automation, Inc. (NYSE:ROK) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,996 shares of the industrial products company’s stock after purchasing an additional 80 shares during the quarter. Rockwell Automation makes up 1.0% of Covenant Asset Management LLC’s portfolio, making the stock its 23rd biggest holding. Covenant Asset Management LLC’s holdings in Rockwell Automation were worth $3,952,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in ROK. Neo Ivy Capital Management purchased a new stake in shares of Rockwell Automation during the second quarter worth about $29,000. Clear Street Markets LLC acquired a new stake in shares of Rockwell Automation in the 4th quarter worth about $30,000. Delta Asset Management LLC TN acquired a new stake in shares of Rockwell Automation in the fourth quarter valued at approximately $32,000. First Manhattan Co. boosted its position in Rockwell Automation by 150.0% during the 4th quarter. First Manhattan Co. now owns 125 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 75 shares during the period. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of Rockwell Automation in the 1st quarter worth approximately $37,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on ROK. Jefferies Financial Group started coverage on Rockwell Automation in a report on Tuesday, June 27th. They issued a “hold” rating and a $335.00 target price on the stock. Barclays cut shares of Rockwell Automation from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $300.00 to $287.00 in a report on Wednesday, August 30th. StockNews.com assumed coverage on shares of Rockwell Automation in a report on Thursday, August 17th. They issued a “hold” rating for the company. Bank of America reduced their price objective on Rockwell Automation from $375.00 to $335.00 in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company upgraded shares of Rockwell Automation from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $290.00 to $317.00 in a research report on Tuesday, August 29th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $289.00.

Rockwell Automation Price Performance

Shares of ROK stock traded down $1.01 during trading hours on Tuesday, reaching $287.72. The company’s stock had a trading volume of 45,527 shares, compared to its average volume of 739,037. Rockwell Automation, Inc. has a fifty-two week low of $209.27 and a fifty-two week high of $348.52. The company has a market capitalization of $33.05 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 1.93 and a beta of 1.45. The company has a quick ratio of 0.76, a current ratio of 1.12 and a debt-to-equity ratio of 0.79. The firm’s 50 day simple moving average is $312.94 and its 200-day simple moving average is $298.47.

Rockwell Automation (NYSE:ROK) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $3.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.19 by ($0.18). Rockwell Automation had a return on equity of 40.33% and a net margin of 16.51%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same period in the prior year, the business earned $2.66 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. Sell-side analysts forecast that Rockwell Automation, Inc. will post 11.94 earnings per share for the current year.

Insider Activity

In other Rockwell Automation news, VP Isaac Woods sold 150 shares of Rockwell Automation stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $325.00, for a total transaction of $48,750.00. Following the completion of the transaction, the vice president now owns 940 shares in the company, valued at approximately $305,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rockwell Automation news, VP Isaac Woods sold 150 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $325.00, for a total transaction of $48,750.00. Following the sale, the vice president now owns 940 shares of the company’s stock, valued at approximately $305,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tessa M. Myers sold 677 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $301.18, for a total transaction of $203,898.86. Following the sale, the senior vice president now directly owns 2,880 shares in the company, valued at approximately $867,398.40. The disclosure for this sale can be found here. Insiders sold a total of 1,327 shares of company stock worth $401,459 in the last three months. Company insiders own 0.64% of the company’s stock.

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.