PNC Financial Services Group Inc. lifted its holdings in shares of ABB Ltd (NYSE:ABB) by 5.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 406,526 shares of the industrial products company’s stock after purchasing an additional 19,247 shares during the period. PNC Financial Services Group Inc.’s holdings in ABB were worth $8,850,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Hamlin Capital Management LLC grew its holdings in ABB by 57.9% in the 2nd quarter. Hamlin Capital Management LLC now owns 3,766,863 shares of the industrial products company’s stock worth $82,005,000 after acquiring an additional 1,381,415 shares during the last quarter. Aperio Group LLC bought a new stake in ABB in the 1st quarter worth $22,159,000. Fisher Asset Management LLC grew its holdings in ABB by 6.2% in the 2nd quarter. Fisher Asset Management LLC now owns 10,265,149 shares of the industrial products company’s stock worth $223,472,000 after acquiring an additional 600,743 shares during the last quarter. Segall Bryant & Hamill LLC grew its holdings in ABB by 3,915.9% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 489,895 shares of the industrial products company’s stock worth $10,665,000 after acquiring an additional 477,696 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in ABB by 1,185.5% in the 1st quarter. Sei Investments Co. now owns 444,157 shares of the industrial products company’s stock worth $10,544,000 after acquiring an additional 409,605 shares during the last quarter. 5.31% of the stock is currently owned by institutional investors.

Shares of ABB stock opened at $23.15 on Friday. The firm has a market capitalization of $50.04 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.48 and a beta of 1.22. ABB Ltd has a 12-month low of $21.22 and a 12-month high of $28.67. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 1.15.

ABB (NYSE:ABB) last posted its earnings results on Thursday, July 19th. The industrial products company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. ABB had a net margin of 6.24% and a return on equity of 19.94%. The firm had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $9.03 billion. During the same period last year, the company posted $0.30 EPS. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. research analysts expect that ABB Ltd will post 1.38 earnings per share for the current fiscal year.

A number of equities research analysts have issued reports on ABB shares. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ABB in a report on Monday, July 9th. ValuEngine raised shares of ABB from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. Citigroup raised shares of ABB from a “neutral” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of ABB from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Finally, Jefferies Financial Group raised shares of ABB from an “underperform” rating to a “hold” rating and set a $23.00 price target on the stock in a report on Wednesday, July 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.00.

About ABB

ABB Ltd manufactures and sells electrification, robotics and motion, industrial automation, and power grid products worldwide. Its Electrification Products segment provides modular substation packages, distribution automation products, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.

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Institutional Ownership by Quarter for ABB (NYSE:ABB)

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