Bar Harbor Wealth Management Decreases Position in Rockwell Automation, Inc. $ROK

Key Points

• Bar Harbor Wealth Management has significantly reduced its position in Rockwell Automation, Inc., decreasing its holdings by 74.2% to just over 10,000 shares valued at approximately $3.37 million.
• Several analysts have upgraded their ratings on Rockwell Automation, with Bank of America elevating its rating from "neutral" to "buy" and raising the price target from $360 to $410.
• Rockwell Automation reported earnings per share of $2.82, surpassing expectations, with total revenue of $2.14 billion, marking a 4.5% increase from the previous year.

Bar Harbor Wealth Management decreased its holdings in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 74.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,136 shares of the industrial products company's stock after selling 29,124 shares during the quarter. Bar Harbor Wealth Management's holdings in Rockwell Automation were worth $3,367,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ROK. Howe & Rusling Inc. grew its holdings in Rockwell Automation by 4.9% during the first quarter. Howe & Rusling Inc. now owns 794 shares of the industrial products company's stock worth $205,000 after acquiring an additional 37 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Rockwell Automation by 0.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,652 shares of the industrial products company's stock valued at $1,462,000 after purchasing an additional 43 shares during the last quarter. Wealthfront Advisers LLC grew its holdings in Rockwell Automation by 0.6% in the first quarter. Wealthfront Advisers LLC now owns 7,708 shares of the industrial products company's stock valued at $1,992,000 after purchasing an additional 43 shares during the last quarter. Kelly Financial Services LLC grew its holdings in Rockwell Automation by 4.4% in the first quarter. Kelly Financial Services LLC now owns 1,096 shares of the industrial products company's stock valued at $283,000 after purchasing an additional 46 shares during the last quarter. Finally, Koshinski Asset Management Inc. grew its holdings in Rockwell Automation by 1.1% in the first 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 during the last quarter. Hedge funds and other institutional investors own 75.75% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Rockwell Automation in a report on Wednesday. Wall Street Zen raised Rockwell Automation from a "hold" rating to a "buy" rating in a report on Sunday, September 21st. Wells Fargo & Company upped their target price on Rockwell Automation from $345.00 to $355.00 and gave the company an "equal weight" rating in a report on Monday. Oppenheimer lowered their target price on Rockwell Automation from $371.00 to $363.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Bank of America upgraded Rockwell Automation from a "neutral" rating to a "buy" rating and upped their price objective for the company from $360.00 to $410.00 in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rockwell Automation presently has an average rating of "Moderate Buy" and a consensus target price of $340.68.

Rockwell Automation Stock Performance

NYSE ROK opened at $347.73 on Thursday. The business's 50-day moving average price is $344.19 and its 200 day moving average price is $313.47. Rockwell Automation, Inc. has a twelve month low of $215.00 and a twelve month high of $360.92. The company has a market capitalization of $39.10 billion, a PE ratio of 40.81, a price-to-earnings-growth ratio of 3.06 and a beta of 1.41. The company has a current ratio of 1.06, a quick ratio of 0.72 and a debt-to-equity ratio of 0.72.

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

Insider Activity

In other news, CEO Blake D. Moret sold 24,400 shares of the firm's 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 transaction, the chief executive officer directly owned 83,873 shares in the company, valued at $29,366,453.49. This trade represents a 22.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Terry L. Riesterer sold 2,100 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $350.08, for a total value of $735,168.00. Following the completion of the transaction, the vice president owned 1,033 shares in the company, valued at approximately $361,632.64. This trade represents a 67.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,922 shares of company stock valued at $11,191,812 in the last three months. Company insiders own 0.68% 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.

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