Park Avenue Securities LLC grew its holdings in ABB Ltd (NYSE:ABB – Get Rating) by 4.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,386 shares of the industrial products company’s stock after buying an additional 653 shares during the quarter. Park Avenue Securities LLC’s holdings in ABB were worth $369,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ABB. Trustcore Financial Services LLC increased its stake in ABB by 66.5% in the 2nd quarter. Trustcore Financial Services LLC now owns 941 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 376 shares in the last quarter. Ronald Blue Trust Inc. purchased a new position in ABB in the 2nd quarter valued at approximately $29,000. Salem Investment Counselors Inc. increased its stake in ABB by 62.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,742 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 671 shares in the last quarter. Rosenberg Matthew Hamilton purchased a new position in ABB in the 2nd quarter valued at approximately $50,000. Finally, Allworth Financial LP increased its stake in ABB by 99.0% in the 2nd quarter. Allworth Financial LP now owns 2,278 shares of the industrial products company’s stock valued at $61,000 after purchasing an additional 1,133 shares in the last quarter. 5.24% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently weighed in on ABB. Barclays dropped their price objective on ABB from CHF 29 to CHF 26 in a research note on Tuesday, October 4th. Exane BNP Paribas downgraded ABB from a “neutral” rating to an “underperform” rating in a research report on Wednesday, November 30th. BNP Paribas downgraded ABB from a “neutral” rating to an “underperform” rating in a research report on Wednesday, November 30th. StockNews.com raised ABB from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 11th. Finally, Kepler Capital Markets downgraded ABB from a “buy” rating to a “hold” rating in a research report on Monday, October 24th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $29.54.
ABB Price Performance
ABB (NYSE:ABB – Get Rating) last issued its earnings results on Thursday, October 20th. The industrial products company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). The firm had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.50 billion. ABB had a net margin of 13.65% and a return on equity of 15.21%. As a group, research analysts anticipate that ABB Ltd will post 1.22 earnings per share for the current year.
ABB Ltd engages in manufacture and sale of electrification, automation, robotics, and motion products for customers in utilities, industry and transport, and infrastructure in Switzerland and internationally. Its Electrification segment provides electric vehicle charging infrastructure, renewable power solutions, modular substation packages, distribution automation products, switchboard and panelboards, switchgear, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.
- Get a free copy of the StockNews.com research report on ABB (ABB)
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