Wetherby Asset Management Inc. Raises Position in ABB Ltd (NYSE:ABB)
Wetherby Asset Management Inc. raised its position in shares of ABB Ltd (NYSE:ABB) by 1.9% during the second quarter, Holdings Channel reports. The firm owned 37,641 shares of the industrial products company’s stock after buying an additional 700 shares during the period. Wetherby Asset Management Inc.’s holdings in ABB were worth $937,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of ABB. Summit Financial Group Inc. acquired a new position in shares of ABB during the second quarter worth about $249,000. Tdam USA Inc. raised its position in shares of ABB by 21.7% in the second quarter. Tdam USA Inc. now owns 16,237 shares of the industrial products company’s stock worth $402,000 after buying an additional 2,897 shares during the period. Beach Investment Management LLC. acquired a new position in shares of ABB during the second quarter worth about $344,000. Bowen Hanes & Co. Inc. raised its position in shares of ABB by 999.5% in the second quarter. Bowen Hanes & Co. Inc. now owns 786,265 shares of the industrial products company’s stock worth $19,578,000 after buying an additional 714,755 shares during the period. Finally, IFP Advisors Inc raised its position in shares of ABB by 71.0% in the second quarter. IFP Advisors Inc now owns 6,552 shares of the industrial products company’s stock worth $163,000 after buying an additional 2,721 shares during the period. Institutional investors and hedge funds own 4.03% of the company’s stock.
ABB Ltd (ABB) opened at 22.82 on Friday. The firm’s 50-day moving average is $24.33 and its 200 day moving average is $23.93. ABB Ltd has a 12-month low of $20.26 and a 12-month high of $25.83. The company has a market cap of $48.70 billion, a price-to-earnings ratio of 21.98 and a beta of 1.06.
ABB (NYSE:ABB) last announced its earnings results on Thursday, July 20th. The industrial products company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.55 billion. ABB had a net margin of 6.87% and a return on equity of 18.62%. ABB’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 EPS. On average, equities analysts expect that ABB Ltd will post $1.25 earnings per share for the current fiscal year.
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A number of research analysts recently issued reports on the stock. BidaskClub lowered shares of ABB from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. UBS AG reiterated a “sell” rating on shares of ABB in a report on Monday, July 24th. Morgan Stanley lowered shares of ABB from an “overweight” rating to an “equal weight” rating in a report on Friday, July 21st. Zacks Investment Research lowered shares of ABB from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $28.00 price objective (up previously from $27.00) on shares of ABB in a report on Friday, June 16th. Three research 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 stock currently has an average rating of “Hold” and an average price target of $24.25.
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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