Cardinal Capital Management increased its position in shares of ABB Ltd. (NYSE:ABB) by 3.6% during the second quarter, Holdings Channel reports. The firm owned 73,027 shares of the company’s stock after buying an additional 2,507 shares during the period. Cardinal Capital Management’s holdings in ABB were worth $1,448,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Conning Inc. bought a new position in shares of ABB during the second quarter worth about $3,514,000. Smith Asset Management Group LP bought a new position in shares of ABB during the second quarter worth about $186,000. Trutina Financial LLC bought a new position in shares of ABB during the second quarter worth about $3,445,000. Rehmann Capital Advisory Group increased its position in shares of ABB by 0.8% in the second quarter. Rehmann Capital Advisory Group now owns 10,800 shares of the company’s stock worth $214,000 after buying an additional 87 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of ABB during the second quarter worth about $990,000. Institutional investors own 3.27% of the company’s stock.
ABB Ltd. (NYSE:ABB) traded up 0.04% during mid-day trading on Monday, reaching $22.52. The company had a trading volume of 1,491,453 shares. The stock has a 50 day moving average of $22.22 and a 200 day moving average of $20.78. The stock has a market capitalization of $47.90 billion, a price-to-earnings ratio of 29.21 and a beta of 1.20. ABB Ltd. has a 52 week low of $15.74 and a 52 week high of $22.88.
ABB (NYSE:ABB) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.09. The firm had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.83 billion. ABB had a return on equity of 16.86% and a net margin of 4.91%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 EPS. Analysts anticipate that ABB Ltd. will post $1.08 earnings per share for the current year.
Several research firms have weighed in on ABB. Goldman Sachs Group Inc. restated a “sell” rating on shares of ABB in a research note on Thursday, September 22nd. Zacks Investment Research downgraded ABB from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. BNP Paribas upgraded ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. HSBC downgraded ABB from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Finally, Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. Three investment 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. ABB presently 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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