Renaissance Technologies LLC lowered its position in shares of ABB Ltd (NYSE:ABB) by 26.6% in the second quarter, Holdings Channel reports. The firm owned 2,532,900 shares of the industrial products company’s stock after selling 915,700 shares during the period. Renaissance Technologies LLC’s holdings in ABB were worth $50,734,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABB. Quantamental Technologies LLC bought a new position in shares of ABB during the second quarter worth $104,000. LPL Financial LLC increased its position in shares of ABB by 5.9% in the 2nd quarter. LPL Financial LLC now owns 66,852 shares of the industrial products company’s stock valued at $1,339,000 after buying an additional 3,696 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of ABB by 1.5% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 152,259 shares of the industrial products company’s stock valued at $3,050,000 after buying an additional 2,220 shares in the last quarter. Bank of Montreal Can increased its position in shares of ABB by 11.2% in the 2nd quarter. Bank of Montreal Can now owns 353,711 shares of the industrial products company’s stock valued at $7,085,000 after buying an additional 35,540 shares in the last quarter. Finally, Wellington Shields Capital Management LLC raised its stake in ABB by 0.9% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 82,800 shares of the industrial products company’s stock worth $1,658,000 after buying an additional 750 shares during the period. Hedge funds and other institutional investors own 4.33% of the company’s stock.

Shares of ABB stock traded up $0.15 on Wednesday, hitting $20.19. 35,918 shares of the stock were exchanged, compared to its average volume of 1,724,585. The company has a current ratio of 1.32, a quick ratio of 1.09 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $43.05 billion, a P/E ratio of 15.16, a price-to-earnings-growth ratio of 3.34 and a beta of 1.15. ABB Ltd has a fifty-two week low of $17.71 and a fifty-two week high of $24.45. The business has a 50-day moving average of $18.68 and a 200 day moving average of $19.22.

ABB (NYSE:ABB) last announced its earnings results on Thursday, July 25th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.08. The business had revenue of $7.17 billion for the quarter, compared to analyst estimates of $7.21 billion. ABB had a return on equity of 18.97% and a net margin of 4.95%. ABB’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. As a group, research analysts forecast that ABB Ltd will post 0.86 EPS for the current fiscal year.

Several research analysts have weighed in on the company. Royal Bank of Canada reiterated a “hold” rating and set a $21.00 target price on shares of ABB in a report on Thursday, July 25th. Vertical Research raised ABB from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of ABB in a research report on Friday, September 6th. UBS Group reiterated a “hold” rating and set a $20.50 price objective on shares of ABB in a report on Thursday, July 25th. Finally, ValuEngine upgraded ABB from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $20.37.

ABB Company Profile

ABB Ltd manufactures and sells electrification, industrial automation, and robotics and motion products for customers in utilities, industry and transport, and infrastructure worldwide. Its Electrification Products segment provides electric vehicle charging infrastructure, solar power solutions, modular substation packages, distribution automation products, switchboard and panel boards, switchgears, UPS solutions, 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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