Moors & Cabot Inc. raised its stake in shares of ABB Ltd (NYSE:ABB) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,674 shares of the industrial products company’s stock after acquiring an additional 2,411 shares during the quarter. Moors & Cabot Inc.’s holdings in ABB were worth $2,441,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oakworth Capital Inc. bought a new stake in ABB during the 2nd quarter valued at $26,000. Doyle Wealth Management bought a new stake in ABB during the 2nd quarter valued at $37,000. Point72 Asset Management L.P. acquired a new stake in shares of ABB in the 2nd quarter worth $42,000. Webster Bank N. A. boosted its position in shares of ABB by 461.3% in the 3rd quarter. Webster Bank N. A. now owns 3,368 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 2,768 shares in the last quarter. Finally, Advisory Services Network LLC boosted its position in shares of ABB by 250.1% in the 1st quarter. Advisory Services Network LLC now owns 3,743 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 2,674 shares in the last quarter. 4.32% of the stock is currently owned by institutional investors and hedge funds.
ABB has been the subject of a number of recent analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $21.00 price objective on shares of ABB in a research report on Thursday, July 25th. Societe Generale cut ABB from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley reissued a “hold” rating and issued a $20.10 price objective on shares of ABB in a research report on Friday, July 26th. Vertical Research raised ABB from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Finally, Zacks Investment Research raised ABB from a “sell” rating to a “hold” rating and set a $21.00 price objective for the company in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. ABB presently has a consensus rating of “Hold” and a consensus target price of $20.09.
ABB stock traded up $0.04 during midday trading on Tuesday, reaching $19.61. The stock had a trading volume of 113,072 shares, compared to its average volume of 1,864,533. The stock has a market cap of $41.81 billion, a PE ratio of 14.75, a P/E/G ratio of 3.01 and a beta of 1.16. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.09 and a current ratio of 1.32. The firm has a fifty day simple moving average of $19.26 and a two-hundred day simple moving average of $19.22. ABB Ltd has a 52-week low of $17.71 and a 52-week high of $21.18.
ABB (NYSE:ABB) last issued its earnings results on Thursday, July 25th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.08. The company had revenue of $7.17 billion during the quarter, compared to analyst estimates of $7.21 billion. ABB had a return on equity of 18.97% and a net margin of 4.95%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. On average, sell-side analysts predict that ABB Ltd will post 0.93 EPS for the current fiscal year.
ABB Ltd manufactures and sells electrification, industrial automation, and robotics and motion products for customers in utilities, industry and transport, and infrastructure worldwide. Its Electrification Products segment provides electric vehicle charging infrastructure, solar power solutions, modular substation packages, distribution automation products, switchboard and panel boards, switchgears, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.
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