Hamlin Capital Management LLC cut its stake in shares of ABB Ltd. (NYSE:ABB) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 3,025,438 shares of the company’s stock after selling 47,399 shares during the period. ABB makes up approximately 2.9% of Hamlin Capital Management LLC’s portfolio, making the stock its 19th largest position. Hamlin Capital Management LLC’s holdings in ABB were worth $59,994,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Ngam Advisors L.P. increased its position in ABB by 22.5% in the first quarter. Ngam Advisors L.P. now owns 633,129 shares of the company’s stock valued at $12,295,000 after buying an additional 116,351 shares in the last quarter. Rehmann Capital Advisory Group bought a new position in ABB during the first quarter valued at about $208,000. RMB Capital Management LLC increased its position in ABB by 17.2% in the first quarter. RMB Capital Management LLC now owns 147,212 shares of the company’s stock valued at $2,859,000 after buying an additional 21,596 shares in the last quarter. Franklin Resources Inc. increased its position in ABB by 4.3% in the first quarter. Franklin Resources Inc. now owns 547,925 shares of the company’s stock valued at $10,641,000 after buying an additional 22,423 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. bought a new position in ABB during the first quarter valued at about $150,000. Institutional investors own 3.27% of the company’s stock.
Shares of ABB Ltd. (NYSE:ABB) traded up 0.93% on Wednesday, reaching $22.70. 1,634,329 shares of the company’s stock were exchanged. The company has a market capitalization of $48.28 billion, a P/E ratio of 29.44 and a beta of 1.33. ABB Ltd. has a 1-year low of $15.74 and a 1-year high of $22.88. The stock’s 50-day moving average price is $22.16 and its 200-day moving average price is $20.73.
ABB (NYSE:ABB) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.09. ABB had a net margin of 4.91% and a return on equity of 16.86%. The business earned $8.68 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same period in the previous year, the business posted $0.33 EPS. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts anticipate that ABB Ltd. will post $1.08 EPS for the current fiscal year.
Several equities analysts have issued reports on ABB shares. JPMorgan Chase & Co. restated a “neutral” rating on shares of ABB in a research note on Monday, June 13th. Zacks Investment Research downgraded shares of ABB from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Deutsche Bank AG upgraded shares of ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. HSBC downgraded shares of ABB from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Finally, BNP Paribas upgraded shares of ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $23.30.
ABB Company Profile
ABB Ltd (ABB) is engaged in power and automation technologies. The Company manages its business based on five divisions: Discrete Automation and Motion, Low Voltage Products, Process Automation, Power Products and Power Systems. The Discrete Automation and Motion division provides low-voltage and medium-voltage drive products and systems for industrial, commercial and residential applications.
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