UPDATE 2-Rockwell Automation's profit misses on higher investment spending

* Q4 adj. EPS $1.69 vs est $1.73

* Operating margins fall

* Sees FY18 adj. EPS $7.20-$7.50 vs est $7.38 (Adds CEO comment, share details)

Nov 8 (Reuters) - Factory automation systems maker Rockwell Automation Inc, which last month rejected bigger rival Emerson Electric Co's $27.6 billion takeover bid, posted a lower-than-expected quarterly profit, partly hurt by higher investment spending.

Rockwell has increasingly been focused on what it calls the "connected enterprise," which includes developing software that links manufacturing operations to data and enables industrial businesses to improve operational productivity.

"In the quarter, we divested a small business and also initiated restructuring plans. These actions accelerate our ongoing efforts to sharpen our focus on the connected enterprise strategy," Chief Executive Blake Moret said in a statement.

Rockwell's operating margins fell to 17 percent in the fourth quarter from 19.8 percent a year earlier, hurt by its control products business.

The control products division, which accounts for more than half of total sales, makes motor starters and condition sensors for the transportation, oil and gas, mining, and food and beverage industries.

Rockwell on Wednesday also forecast its fiscal 2018 adjusted profit to be $7.35 per share at the mid-point, below Wall Street estimates of $7.38 per share, according to Thomson Reuters I/B/E/S.

The company's shares were marginally down in light premarket trade.

Rockwell's net income rose 10.5 percent to $204.6 million, or $1.57 per share, in the quarter ended Sept. 30.

On an adjusted basis, the Milwaukee, Wisconsin-based company earned $1.69 per share. Analysts on average had expected a profit of $1.73 per share.

Revenue rose 8 percent to $1.67 billion. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel)