Cambridge Investment Research Advisors Inc. Sells 23,451 Shares of ABB Ltd (NYSE:ABB)

Posted by on May 18th, 2023

Cambridge Investment Research Advisors Inc. lessened its stake in shares of ABB Ltd (NYSE:ABB – Get Rating) by 31.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,047 shares of the industrial products company’s stock after selling 23,451 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in ABB were worth $1,585,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ABB. AXA S.A. acquired a new stake in ABB in the 3rd quarter worth about $25,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of ABB during the 4th quarter valued at approximately $41,000. Guardian Wealth Advisors LLC purchased a new stake in shares of ABB during the 3rd quarter valued at approximately $40,000. Ronald Blue Trust Inc. raised its position in shares of ABB by 179.1% during the 4th quarter. Ronald Blue Trust Inc. now owns 1,599 shares of the industrial products company’s stock valued at $41,000 after buying an additional 1,026 shares during the period. Finally, Salem Investment Counselors Inc. raised its position in shares of ABB by 62.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,742 shares of the industrial products company’s stock valued at $47,000 after buying an additional 671 shares during the period. Institutional investors own 5.24% of the company’s stock.

ABB Stock Up 0.9 %

ABB stock opened at $36.97 on Thursday. ABB Ltd has a twelve month low of $24.27 and a twelve month high of $37.11. The stock’s fifty day simple moving average is $34.59 and its 200-day simple moving average is $32.97. The company has a current ratio of 1.15, a quick ratio of 0.80 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $72.64 billion, a P/E ratio of 24.01, a P/E/G ratio of 3.57 and a beta of 1.11.

ABB (NYSE:ABB – Get Rating) last posted its quarterly earnings data on Monday, April 24th. The industrial products company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.16. ABB had a return on equity of 23.19% and a net margin of 9.58%. The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the prior year, the company earned $0.31 earnings per share. The company’s revenue was up 12.8% on a year-over-year basis. As a group, equities analysts expect that ABB Ltd will post 1.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com started coverage on ABB in a research report on Thursday. They issued a “strong-buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.68.

ABB Profile

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ABB Ltd. is a technology company, which engages in the development and provision of electrification, motion and automation solutions. It operates through the following business segments: Electrification, Motion, Process Automation and Robotics & Discrete Automation. The Electrification segment manufactures and sells electrical products and solutions which are designed to provide safe, smart and sustainable electrical flow from the substation to the socket.

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Institutional Ownership by Quarter for ABB (NYSE:ABB)

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