Summit Financial Group Inc. acquired a new stake in shares of ABB Ltd (NYSE:ABB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the industrial products company’s stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABB. Capstone Asset Management Co. increased its position in ABB by 3.8% in the first quarter. Capstone Asset Management Co. now owns 194,180 shares of the industrial products company’s stock valued at $4,544,000 after buying an additional 7,150 shares in the last quarter. Horrell Capital Management Inc. increased its position in ABB by 0.4% in the first quarter. Horrell Capital Management Inc. now owns 27,260 shares of the industrial products company’s stock valued at $638,000 after buying an additional 100 shares in the last quarter. Atria Investments LLC purchased a new position in ABB during the first quarter valued at about $221,000. Fox Run Management L.L.C. purchased a new position in ABB during the first quarter valued at about $260,000. Finally, Portland Global Advisors LLC increased its position in ABB by 0.3% in the first quarter. Portland Global Advisors LLC now owns 79,915 shares of the industrial products company’s stock valued at $1,870,000 after buying an additional 235 shares in the last quarter. 4.03% of the stock is owned by institutional investors.

Shares of ABB Ltd (ABB) opened at 23.31 on Wednesday. The firm’s 50-day moving average is $24.57 and its 200-day moving average is $23.91. ABB Ltd has a 52-week low of $20.26 and a 52-week high of $25.83. The firm has a market cap of $49.74 billion, a P/E ratio of 22.46 and a beta of 1.06.

ABB (NYSE:ABB) last announced its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.03. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.55 billion. ABB had a return on equity of 18.62% and a net margin of 6.87%. ABB’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. Analysts anticipate that ABB Ltd will post $1.25 earnings per share for the current year.

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Several research analysts have recently issued reports on ABB shares. UBS AG downgraded ABB from a “neutral” rating to a “sell” rating in a research note on Tuesday, April 11th. Morgan Stanley reissued a “buy” rating on shares of ABB in a research report on Tuesday, April 18th. Zacks Investment Research downgraded shares of ABB from a “hold” rating to a “sell” rating in a research report on Friday, April 21st. BNP Paribas downgraded shares of ABB from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 23rd. Finally, Citigroup Inc. reissued a “sell” rating on shares of ABB in a research report on Friday, June 9th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $24.25.

About ABB

ABB Ltd (ABB) is a holding company. The Company’s segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. It is engaged in serving customers in utilities, industry and transport and infrastructure.

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Institutional Ownership by Quarter for ABB (NYSE:ABB)

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