Fisher Asset Management LLC boosted its stake in shares of ABB Ltd. (NYSE:ABB) by 92.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 704,153 shares of the company’s stock after buying an additional 338,922 shares during the period. Fisher Asset Management LLC’s holdings in ABB were worth $15,851,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABB. First Interstate Bank increased its position in shares of ABB by 40.1% in the second quarter. First Interstate Bank now owns 6,065 shares of the company’s stock valued at $120,000 after buying an additional 1,735 shares during the last quarter. Sei Investments Co. increased its position in shares of ABB by 121.5% in the second quarter. Sei Investments Co. now owns 6,597 shares of the company’s stock valued at $131,000 after buying an additional 3,618 shares during the last quarter. Smith Asset Management Group LP purchased a new position in shares of ABB during the second quarter valued at $186,000. Suntrust Banks Inc. increased its position in shares of ABB by 1.5% in the second quarter. Suntrust Banks Inc. now owns 10,342 shares of the company’s stock valued at $203,000 after buying an additional 157 shares during the last quarter. Finally, BTC Capital Management Inc. purchased a new position in shares of ABB during the second quarter valued at $206,000. 3.18% of the stock is owned by hedge funds and other institutional investors.
ABB Ltd. (NYSE:ABB) traded up 0.53% on Friday, hitting $20.70. 678,490 shares of the stock were exchanged. ABB Ltd. has a 52 week low of $15.74 and a 52 week high of $22.92. The company’s 50-day moving average is $21.44 and its 200-day moving average is $21.25. The company has a market cap of $44.21 billion, a PE ratio of 26.74 and a beta of 1.27.
ABB (NYSE:ABB) last announced its earnings results on Thursday, October 27th. The company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. ABB had a return on equity of 17.98% and a net margin of 4.92%. The business earned $8.26 billion during the quarter, compared to analysts’ expectations of $8.38 billion. During the same quarter last year, the business posted $0.26 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, analysts predict that ABB Ltd. will post $0.97 earnings per share for the current year.
Several research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of ABB from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. Goldman Sachs Group Inc. reissued a “sell” rating on shares of ABB in a research note on Thursday, September 22nd. Citigroup Inc. reissued a “sell” rating on shares of ABB in a research note on Thursday, October 13th. Robert W. Baird boosted their target price on shares of ABB from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday, October 5th. Finally, Bank of America Corp. set a $23.00 target price on shares of ABB and gave the company a “hold” rating in a research note on Tuesday, October 4th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. ABB currently has a consensus rating of “Hold” and an average price target of $23.75.
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.