Boston Financial Mangement LLC raised its stake in ABB Ltd (NYSE:ABB) by 12.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 136,566 shares of the industrial products company’s stock after buying an additional 15,139 shares during the period. Boston Financial Mangement LLC’s holdings in ABB were worth $3,400,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Steinberg Global Asset Management boosted its stake in shares of ABB by 37.8% in the second quarter. Steinberg Global Asset Management now owns 92,696 shares of the industrial products company’s stock valued at $2,308,000 after buying an additional 25,425 shares during the period. Wellington Shields Capital Management LLC boosted its stake in shares of ABB by 29.9% in the second quarter. Wellington Shields Capital Management LLC now owns 84,575 shares of the industrial products company’s stock valued at $2,106,000 after buying an additional 19,475 shares during the period. Wellington Shields & Co. LLC acquired a new stake in shares of ABB during the second quarter valued at approximately $207,000. Greenleaf Trust boosted its stake in shares of ABB by 1.8% in the second quarter. Greenleaf Trust now owns 14,168 shares of the industrial products company’s stock valued at $353,000 after buying an additional 244 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of ABB during the second quarter valued at approximately $324,000. 4.05% of the stock is owned by institutional investors and hedge funds.
ABB Ltd (NYSE:ABB) opened at 22.71 on Friday. ABB Ltd has a 12-month low of $20.26 and a 12-month high of $25.83. The firm’s 50-day moving average price is $23.93 and its 200 day moving average price is $23.91. The company has a market capitalization of $48.46 billion, a price-to-earnings ratio of 21.88 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 earnings per share 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 analyst estimates 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 in the previous year, the company posted $0.35 earnings per share. On average, equities research analysts expect that ABB Ltd will post $1.25 EPS for the current fiscal year.
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Several brokerages have recently commented on ABB. BidaskClub cut ABB from a “buy” rating to a “hold” rating in a research 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 ABB from an “overweight” rating to an “equal weight” rating in a report on Friday, July 21st. Zacks Investment Research lowered 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 set a $28.00 price objective (up from $27.00) on shares of ABB in a report on Friday, June 16th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $24.25.
ABB Company Profile
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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