Steinberg Global Asset Management Acquires 17,445 Shares of ABB Ltd (ABB)
Steinberg Global Asset Management raised its holdings in shares of ABB Ltd (NYSE:ABB) by 18.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 110,141 shares of the industrial products company’s stock after purchasing an additional 17,445 shares during the quarter. Steinberg Global Asset Management’s holdings in ABB were worth $2,726,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABB. Bank of New York Mellon Corp lifted its holdings in ABB by 28.9% during the first quarter. Bank of New York Mellon Corp now owns 98,502 shares of the industrial products company’s stock valued at $2,304,000 after purchasing an additional 22,070 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in ABB by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 45,571 shares of the industrial products company’s stock valued at $1,067,000 after purchasing an additional 13,475 shares during the last quarter. Alliancebernstein L.P. purchased a new stake in ABB during the first quarter valued at about $2,884,000. Morgan Stanley lifted its holdings in ABB by 24.1% during the first quarter. Morgan Stanley now owns 1,433,889 shares of the industrial products company’s stock valued at $33,554,000 after purchasing an additional 278,188 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in ABB by 202.1% during the first quarter. Renaissance Technologies LLC now owns 890,537 shares of the industrial products company’s stock valued at $20,839,000 after purchasing an additional 595,737 shares during the last quarter. 4.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of ABB Ltd (ABB) traded down 0.47% during midday trading on Friday, hitting $25.31. 606,646 shares of the stock were exchanged. The firm’s 50 day moving average price is $24.77 and its 200-day moving average price is $24.37. ABB Ltd has a 52-week low of $20.26 and a 52-week high of $25.83. The stock has a market cap of $54.01 billion, a P/E ratio of 24.38 and a beta of 1.06.
ABB (NYSE:ABB) last announced its quarterly earnings data on Thursday, October 26th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.55 billion. ABB had a return on equity of 18.62% and a net margin of 6.87%. The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS. On average, equities research analysts expect that ABB Ltd will post $1.22 earnings per share for the current fiscal year.
Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of ABB from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Robert W. Baird reaffirmed a “buy” rating and set a $29.00 price objective on shares of ABB in a report on Wednesday, October 4th. BidaskClub downgraded shares of ABB from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. UBS AG reaffirmed a “sell” rating on shares of ABB in a report on Monday, July 24th. Finally, Morgan Stanley downgraded shares of ABB from an “overweight” rating to an “equal weight” rating in a report on Friday, July 21st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.50.
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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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