Key Points:
- TimesSquare Capital Management highlighted Rockwell Automation, Inc. as a good investment in their Q3 2023 investor letter.
- Rockwell Automation provides industrial automation and digital transformation solutions and has a market capitalization of $34.903 billion.
- The company’s stock gained 21.43% of its value over the last 52 weeks.
- There is significant growth potential as there is a rapid push towards automated and connected manufacturing.
In their Q3 2023 investor letter, TimesSquare Capital U.S. Mid Cap Growth Strategy discussed the potential of Rockwell Automation, Inc. (NYSE:ROK) as a strong investment option. The equity investment management company pointed out the strong performance of Rockwell Automation, highlighting that it outperformed the Russell Midcap Growth Index by returning -4.11% while the index return was -5.22%. The report was done amidst a declining global equities market, which nonetheless remained positive year-to-date.
Based in Milwaukee, Wisconsin, Rockwell Automation provides industrial automation and digital transformation solutions. The company closed at $304.37 per share on December 15, 2023. Rockwell Automation has witnessed a positive growth trend, with a one-month return of 12.26%, and a significant value gain of 21.43% over the last 52 weeks. The company currently has a market capitalization of $34.903 billion.
TimesSquare Capital highlighted the potential of Rockwell Automation in its Q3 report stating, “In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. Rockwell Automation, Inc. is a new addition this quarter. They provide industrial automation and digital transformation solutions. There is secular growth stemming from a rapid push towards automated and connected manufacturing; as well as offering an offset to rising labor costs.”
Even though Rockwell Automation does not appear in the list of 30 Most Popular Stocks Among Hedge Funds, the company was held by 34 hedge fund portfolios at the end of the third quarter, a small increase from 32 in the previous quarter. More discussions regarding the potential and performance of Rockwell Automation have taken place in several articles, with the common consensus being that it is a viable option for long-term investment.
In conclusion, the growth and stability of Rockwell Automation, particularly in a period of declining global equities markets, shows its potential as a good bet for investors.