First Trust Advisors LP Buys 30,818 Shares of ABB Ltd. (ABB)
First Trust Advisors LP increased its position in shares of ABB Ltd. (NYSE:ABB) by 157.2% during the second quarter, Holdings Channel reports. The fund owned 50,417 shares of the company’s stock after buying an additional 30,818 shares during the period. First Trust Advisors LP’s holdings in ABB were worth $1,000,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. Grandfield & Dodd LLC raised its position in ABB by 3.1% in the second quarter. Grandfield & Dodd LLC now owns 606,866 shares of the company’s stock worth $12,034,000 after buying an additional 18,523 shares during the last quarter. Wellington Management Group LLP raised its position in ABB by 3.6% in the first quarter. Wellington Management Group LLP now owns 11,362,353 shares of the company’s stock worth $220,657,000 after buying an additional 390,035 shares during the last quarter. Trillium Asset Management LLC raised its position in ABB by 0.3% in the second quarter. Trillium Asset Management LLC now owns 722,362 shares of the company’s stock worth $14,324,000 after buying an additional 2,234 shares during the last quarter. Conning Inc. bought a new position in ABB during the second quarter worth $3,514,000. Finally, Logan Capital Management Inc. raised its position in ABB by 3.2% in the first quarter. Logan Capital Management Inc. now owns 40,296 shares of the company’s stock worth $782,000 after buying an additional 1,239 shares during the last quarter. Institutional investors and hedge funds own 3.27% of the company’s stock.
ABB Ltd. (NYSE:ABB) traded up 0.66% during midday trading on Wednesday, reaching $22.72. The company’s stock had a trading volume of 826,407 shares. ABB Ltd. has a 52 week low of $15.74 and a 52 week high of $22.88. The firm has a market capitalization of $48.33 billion, a P/E ratio of 29.47 and a beta of 1.20. The company’s 50-day moving average is $22.24 and its 200 day moving average is $20.86.
ABB (NYSE:ABB) last announced its earnings results on Thursday, July 21st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. ABB had a net margin of 4.91% and a return on equity of 16.86%. The business earned $8.68 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. Analysts expect that ABB Ltd. will post $1.08 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on ABB shares. Goldman Sachs Group Inc. restated a “sell” rating on shares of ABB in a research note on Thursday, September 22nd. HSBC lowered ABB from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Zacks Investment Research lowered ABB from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. BNP Paribas upgraded ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. Finally, Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $23.90.
ABB Company Profile
ABB Ltd (ABB) is engaged in power and automation technologies. The Company manages its business based on five divisions: Discrete Automation and Motion, Low Voltage Products, Process Automation, Power Products and Power Systems. The Discrete Automation and Motion division provides low-voltage and medium-voltage drive products and systems for industrial, commercial and residential applications.
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