Rockwell Automation, Inc. (NYSE:ROK) reported worse-than-expected first-quarter results on Wednesday.

Sales grew 3.6% Y/Y to $2.05 billion, missing the consensus of $2.099 billion. Organic sales increased by 1.0% Y/Y in the quarter. Adjusted EPS of $2.04 missed the analyst consensus of $2.64, according to data from Benzinga Pro.

Intelligent Devices sales declined 1.0% Y/Y to $927 million, Software & Control rose 5.3% Y/Y to $604 million, and Lifecycle Services climbed 10.5% to $521 million.

Rockwell reaffirmed adjusted EPS of $12.00 – $13.50 (vs. consensus of $12.89), with reported sales growth guidance of 0.5% – 6.5% and organic sales growth of (2.0)% – 4.0%.

Rockwell Automation shares dipped 17.6% to close at $253.28 on Wednesday.

These analysts made changes to their price targets on Rockwell Automation after the company reported quarterly results.

• Daiwa Capital cut the price target on Rockwell Automation from $338 to $310. Daiwa Capital analyst Jairam Nathan upgraded the stock from Outperform to Buy.
• Wells Fargo cut Rockwell Automation price target from $357 to $320. Wells Fargo analyst Joe O'Dea maintained an Overweight rating.

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