ABB Ltd (ABB) Position Reduced by Allen Investment Management LLC
Allen Investment Management LLC cut its stake in shares of ABB Ltd (NYSE:ABB) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,234 shares of the industrial products company’s stock after selling 245 shares during the period. Allen Investment Management LLC’s holdings in ABB were worth $379,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Bahl & Gaynor Inc. raised its position in shares of ABB by 0.4% in the first quarter. Bahl & Gaynor Inc. now owns 13,355 shares of the industrial products company’s stock valued at $313,000 after buying an additional 55 shares during the period. Benedict Financial Advisors Inc. raised its position in shares of ABB by 1.1% in the second quarter. Benedict Financial Advisors Inc. now owns 10,940 shares of the industrial products company’s stock valued at $260,000 after buying an additional 122 shares during the period. Ledyard National Bank raised its position in shares of ABB by 3.6% in the second quarter. Ledyard National Bank now owns 4,350 shares of the industrial products company’s stock valued at $108,000 after buying an additional 150 shares during the period. Lowe Brockenbrough & Co. Inc. raised its position in shares of ABB by 0.5% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 43,072 shares of the industrial products company’s stock valued at $1,072,000 after buying an additional 210 shares during the period. Finally, Greenleaf Trust raised its position 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. 4.43% of the stock is currently owned by hedge funds and other institutional investors.
ABB Ltd (ABB) opened at 22.84 on Thursday. The stock’s 50 day moving average price is $23.71 and its 200 day moving average price is $23.89. The company has a market cap of $48.74 billion, a P/E ratio of 22.00 and a beta of 1.06. ABB Ltd has a 1-year low of $20.26 and a 1-year high of $25.83.
ABB (NYSE:ABB) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $8.55 billion. ABB had a net margin of 6.87% and a return on equity of 18.62%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. On average, equities analysts anticipate that ABB Ltd will post $1.25 earnings per share for the current fiscal year.
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A number of equities analysts have recently weighed in on ABB shares. Zacks Investment Research lowered ABB from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. BidaskClub lowered ABB from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BNP Paribas lowered ABB from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 23rd. UBS AG reiterated a “sell” rating on shares of ABB in a report on Monday, July 24th. Finally, Morgan Stanley downgraded ABB from an “overweight” rating to an “equal weight” rating in a report on Friday, July 21st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. ABB presently has an average rating of “Hold” and an average price target 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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