Rockwell Automation (NYSE:ROK) Rating Increased to Hold at Zacks Investment Research
Rockwell Automation (NYSE:ROK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports. The firm presently has a $209.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 4.36% from the stock’s current price.
According to Zacks, “Rockwell Automation’s fourth-quarter fiscal 2019 adjusted earnings declined year-over-year despite an increase in revenues. However, the company beat the Zacks Consensus Estimate on both the metrics. The company expects fiscal 2020 earnings per share at $8.70-$9.10. The mid-point of the guidance indicates a year-over-year growth of 3%. The recent slowdown in U.S manufacturing activity, weakness in the automotive, semiconductor and chemical markets remain concerns. Nevertheless, Rockwell Automation's results will be aided by growth in Hybrid industries such as Life Sciences, Food & beverage, and Tire markets. The company is likely to witness above-market growth through a combination of share gains in core platforms, double-digit growth in Information Solutions and Connected Services, and acquisitions and inorganic investments.”
Several other brokerages have also recently weighed in on ROK. Morgan Stanley boosted their target price on Rockwell Automation from $142.00 to $180.00 and gave the stock an “underweight” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on Rockwell Automation from $145.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. G.Research cut Rockwell Automation from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays restated a “hold” rating and set a $159.00 target price on shares of Rockwell Automation in a report on Friday, October 4th. Finally, Credit Suisse Group upgraded Rockwell Automation from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $161.00 to $191.00 in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $182.20.
Rockwell Automation (NYSE:ROK) last posted its quarterly earnings data on Tuesday, November 12th. The industrial products company reported $2.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.09. Rockwell Automation had a return on equity of 99.27% and a net margin of 10.39%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the business earned $2.11 EPS. Rockwell Automation’s quarterly revenue was up .0% on a year-over-year basis. Equities analysts expect that Rockwell Automation will post 8.9 EPS for the current fiscal year.
In related news, VP David M. Dorgan sold 10,148 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $198.22, for a total value of $2,011,536.56. Following the transaction, the vice president now directly owns 11,339 shares in the company, valued at $2,247,616.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Patrick P. Goris sold 3,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $200.00, for a total value of $680,000.00. Following the completion of the transaction, the chief financial officer now owns 12,202 shares in the company, valued at $2,440,400. The disclosure for this sale can be found here. Insiders sold 29,648 shares of company stock worth $5,720,944 over the last quarter. 1.43% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clear Perspective Advisors LLC acquired a new position in Rockwell Automation during the second quarter worth $61,000. Evercore Wealth Management LLC acquired a new position in Rockwell Automation during the second quarter worth $237,000. Ontario Teachers Pension Plan Board lifted its stake in Rockwell Automation by 241.4% during the second quarter. Ontario Teachers Pension Plan Board now owns 47,525 shares of the industrial products company’s stock worth $7,786,000 after purchasing an additional 33,603 shares in the last quarter. Boenning & Scattergood Inc. lifted its stake in Rockwell Automation by 4.0% during the second quarter. Boenning & Scattergood Inc. now owns 3,245 shares of the industrial products company’s stock worth $532,000 after purchasing an additional 125 shares in the last quarter. Finally, Cabot Wealth Management Inc. lifted its stake in Rockwell Automation by 25.4% during the second quarter. Cabot Wealth Management Inc. now owns 50,130 shares of the industrial products company’s stock worth $8,213,000 after purchasing an additional 10,159 shares in the last quarter. Hedge funds and other institutional investors own 72.81% of the company’s stock.
Rockwell Automation Company Profile
Rockwell Automation, Inc provides industrial automation and information solutions worldwide. It operates in two segments, Architecture & Software; and Control Products & Solutions. The Architecture & Software segment provides control platforms, including controllers, electronic operator interface devices, electronic input/output devices, communication and networking products, and industrial computers that perform multiple control disciplines and monitoring of applications, such as discrete, batch and continuous process, drives control, motion control, and machine safety control.
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