Mirae Asset Global Investments Co. Ltd. Decreases Stock Position in Rockwell Automation, Inc. $ROK

Key Points

• Mirae Asset Global Investments decreased its stake in Rockwell Automation by 8.0%, owning 146,707 shares valued at approximately $48.7 million after selling 12,774 shares.
• Rockwell Automation reported a Q2 EPS of $2.82, exceeding analysts' estimates of $2.67, alongside a revenue of $2.14 billion, a 4.5% increase year-over-year.
• Recent analyst ratings suggest a consensus of Moderate Buy for Rockwell Automation with target prices ranging from $340.16 to $392.00 from various firms.

Mirae Asset Global Investments Co. Ltd. lowered its stake in Rockwell Automation, Inc. (NYSE:ROK - Free Report) by 8.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 146,707 shares of the industrial products company's stock after selling 12,774 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.13% of Rockwell Automation worth $48,732,000 as of its most recent SEC filing.

Other hedge funds 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 1st quarter valued at about $26,000. Legend Financial Advisors Inc. purchased a new stake in shares of Rockwell Automation during the 2nd quarter valued at about $39,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of Rockwell Automation during the 1st quarter valued at about $31,000. IMA Advisory Services Inc. purchased a new stake in shares of Rockwell Automation during the 1st quarter valued at about $32,000. Finally, Cooksen Wealth LLC purchased a new stake in shares of Rockwell Automation during the 1st quarter valued at about $34,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

Rockwell Automation Price Performance

Shares of ROK stock opened at $348.66 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 0.72. The company has a market capitalization of $39.20 billion, a P/E ratio of 40.92, a P/E/G ratio of 3.14 and a beta of 1.41. The company's 50-day simple moving average is $344.80 and its two-hundred day simple moving average is $311.02. Rockwell Automation, Inc. has a one year low of $215.00 and a one year high of $360.92.

Rockwell Automation (NYSE:ROK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $2.82 EPS for the quarter, topping analysts' consensus estimates of $2.67 by $0.15. The business had revenue of $2.14 billion for 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 company's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.71 EPS. As a group, equities analysts anticipate that Rockwell Automation, Inc. will post 9.35 EPS for the current year.

Insiders Place Their Bets

In other news, VP Isaac Woods sold 365 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $348.44, for a total transaction of $127,180.60. Following the transaction, the vice president directly owned 1,691 shares in the company, valued at approximately $589,212.04. This trade represents a 17.75% 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 stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $356.06, for a total transaction of $1,068,180.00. Following the transaction, the director 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. Over the last three months, insiders sold 31,922 shares of company stock worth $11,191,812. 0.68% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ROK has been the topic of several recent research reports. Wall Street Zen upgraded shares of Rockwell Automation from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. Barclays upped their target price on shares of Rockwell Automation from $357.00 to $370.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Citigroup restated a "buy" rating and set a $392.00 target price (up from $371.00) on shares of Rockwell Automation in a research report on Monday, July 14th. Oppenheimer cut their price target on shares of Rockwell Automation from $371.00 to $363.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Stephens reiterated an "overweight" rating and set a $375.00 price target (up 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 issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $340.16.

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.

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