Abacus Planning Group Inc. Buys New Holdings in Rockwell Automation, Inc. $ROK

Key Points

• Abacus Planning Group Inc. has acquired a new position in Rockwell Automation, purchasing 1,014 shares valued at approximately $337,000 during the second quarter.
• Wall Street analysts remain optimistic about Rockwell Automation, with several firms raising their price targets; Citigroup has increased its target to $392.00, up from $371.00.
• In recent insider trading, CEO Blake D. Moret sold 24,400 shares worth over $8.5 million, representing a 22.54% decrease in his ownership of the stock.

Abacus Planning Group Inc. purchased a new position in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,014 shares of the industrial products company's stock, valued at approximately $337,000.

A number of other large investors also recently modified their holdings of ROK. Howe & Rusling Inc. lifted its position in Rockwell Automation by 4.9% during the first quarter. Howe & Rusling Inc. now owns 794 shares of the industrial products company's stock valued at $205,000 after buying an additional 37 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Rockwell Automation by 0.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,652 shares of the industrial products company's stock valued at $1,462,000 after acquiring an additional 43 shares during the period. Wealthfront Advisers LLC lifted its holdings in shares of Rockwell Automation by 0.6% during the 1st quarter. Wealthfront Advisers LLC now owns 7,708 shares of the industrial products company's stock valued at $1,992,000 after acquiring an additional 43 shares in the last quarter. Kelly Financial Services LLC boosted its position in Rockwell Automation by 4.4% during the 1st quarter. Kelly Financial Services LLC now owns 1,096 shares of the industrial products company's stock worth $283,000 after purchasing an additional 46 shares during the period. Finally, Koshinski Asset Management Inc. increased its holdings in Rockwell Automation by 1.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 4,097 shares of the industrial products company's stock valued at $1,059,000 after purchasing an additional 46 shares in the last quarter. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ROK. Citigroup restated a "buy" rating and set a $392.00 price objective (up previously from $371.00) on shares of Rockwell Automation in a research note on Monday, July 14th. Wall Street Zen raised Rockwell Automation from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. KeyCorp upped their price target on Rockwell Automation from $370.00 to $380.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company set a $345.00 price objective on shares of Rockwell Automation and gave the company an "equal weight" rating in a research note on Friday, August 8th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Rockwell Automation in a research note on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $340.16.

Rockwell Automation Price Performance

ROK stock opened at $349.05 on Friday. The stock's 50 day moving average is $344.60 and its two-hundred day moving average is $311.65. Rockwell Automation, Inc. has a 52-week low of $215.00 and a 52-week high of $360.92. The company has a market capitalization of $39.24 billion, a PE ratio of 40.97, a P/E/G ratio of 3.14 and a beta of 1.41. The company has a quick ratio of 0.72, a current ratio of 1.06 and a debt-to-equity ratio of 0.72.

Rockwell Automation (NYSE:ROK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.82 earnings per share for the quarter, topping analysts' consensus estimates of $2.67 by $0.15. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Rockwell Automation had a net margin of 12.03% and a return on equity of 30.14%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.71 earnings per share. Analysts predict that Rockwell Automation, Inc. will post 9.35 earnings per share for the current fiscal year.

Insider Activity at Rockwell Automation

In related news, CEO Blake D. Moret sold 24,400 shares of Rockwell Automation stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $350.13, for a total value of $8,543,172.00. Following the completion of the transaction, the chief executive officer directly owned 83,873 shares in the company, valued at approximately $29,366,453.49. This trade represents a 22.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James P. Keane sold 3,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $356.06, for a total value of $1,068,180.00. Following the completion of the sale, the director directly owned 9,192 shares of the company's stock, valued at approximately $3,272,903.52. This represents a 24.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,922 shares of company stock worth $11,191,812 over the last 90 days. Company insiders own 0.68% of the company's stock.

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.

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