Exchange Traded Concepts LLC Cuts Stake in Rockwell Automation, Inc. $ROK

Key Points

• Exchange Traded Concepts LLC has reduced its stake in Rockwell Automation by 19.0%, holding 52,928 shares valued at approximately $17.6 million at the end of the second quarter.
• Several other hedge funds have also recently initiated new positions in Rockwell Automation, reflecting ongoing interest in the company from institutional investors who collectively own 75.75% of its stock.
• Rockwell Automation has received mixed ratings from analysts, with target prices ranging from $345.00 to $381.00 and an average rating of "Moderate Buy," according to recent brokerage comments.

Exchange Traded Concepts LLC lessened its stake in shares of Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 19.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,928 shares of the industrial products company's stock after selling 12,452 shares during the quarter. Exchange Traded Concepts LLC's holdings in Rockwell Automation were worth $17,581,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Citizens National Bank Trust Department purchased a new stake in shares of Rockwell Automation during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Rockwell Automation during the first quarter valued at approximately $31,000. IMA Advisory Services Inc. bought a new position in shares of Rockwell Automation during the first quarter valued at approximately $32,000. Cooksen Wealth LLC bought a new position in shares of Rockwell Automation during the first quarter valued at approximately $34,000. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in shares of Rockwell Automation by 59.6% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 166 shares of the industrial products company's stock valued at $43,000 after acquiring an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 75.75% of the company's stock.

Insider Transactions at Rockwell Automation

In other news, CEO Blake D. Moret sold 24,400 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 83,873 shares of the company's stock, valued at approximately $29,366,453.49. This represents a 22.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James P. Keane sold 3,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was 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 in the company, 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. In the last 90 days, insiders sold 31,922 shares of company stock valued at $11,191,812. 0.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on ROK shares. Wells Fargo & Company set a $345.00 target price on Rockwell Automation and gave the company an "equal weight" rating in a report on Friday, August 8th. Wall Street Zen downgraded Rockwell Automation from a "buy" rating to a "hold" rating in a report on Saturday, September 13th. Bank of America upgraded Rockwell Automation from a "neutral" rating to a "buy" rating and upped their target price for the company from $360.00 to $410.00 in a report on Wednesday, July 16th. Citigroup restated a "buy" rating and set a $392.00 target price (up previously from $371.00) on shares of Rockwell Automation in a report on Monday, July 14th. Finally, Stephens restated an "overweight" rating and set a $375.00 target price (up previously from $350.00) on shares of Rockwell Automation in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $340.16.

Rockwell Automation Stock Down 0.2%

ROK stock traded down $0.78 during midday trading on Friday, hitting $347.78. The stock had a trading volume of 1,045,572 shares, compared to its average volume of 738,820. The firm has a market cap of $39.10 billion, a price-to-earnings ratio of 40.82, a price-to-earnings-growth ratio of 3.64 and a beta of 1.41. The business has a 50-day moving average of $346.16 and a two-hundred day moving average of $306.13. Rockwell Automation, Inc. has a 52-week low of $215.00 and a 52-week high of $360.92. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 0.72.

Rockwell Automation (NYSE:ROK - Get Free Report) last issued its quarterly 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. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.07 billion. Rockwell Automation had a return on equity of 30.14% and a net margin of 12.03%.The firm's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.71 earnings per share. As a group, equities research analysts forecast that Rockwell Automation, Inc. will post 9.35 earnings per share for the current fiscal year.

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.