NorthCrest Asset Manangement LLC lowered its stake in ABB Ltd (NYSE:ABBNY – Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 105,168 shares of the industrial products company’s stock after selling 8,510 shares during the period. NorthCrest Asset Manangement LLC’s holdings in ABB were worth $3,607,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its stake in shares of ABB by 14.4% in the first quarter. Hexagon Capital Partners LLC now owns 2,720 shares of the industrial products company’s stock worth $93,000 after purchasing an additional 342 shares during the last quarter. Cetera Investment Advisers boosted its position in ABB by 5.5% during the 1st quarter. Cetera Investment Advisers now owns 7,404 shares of the industrial products company’s stock valued at $239,000 after acquiring an additional 384 shares in the last quarter. 1832 Asset Management L.P. boosted its position in ABB by 23.5% during the 1st quarter. 1832 Asset Management L.P. now owns 2,135 shares of the industrial products company’s stock valued at $68,000 after acquiring an additional 406 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in ABB by 10.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,547 shares of the industrial products company’s stock valued at $122,000 after acquiring an additional 435 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in ABB by 24.5% during the 4th quarter. Lindbrook Capital LLC now owns 2,233 shares of the industrial products company’s stock valued at $68,000 after acquiring an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 5.02% of the company’s stock.
Wall Street Analyst Weigh In
Separately, StockNews.com initiated coverage on ABB in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Two research analysts have rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ABB has a consensus rating of “Hold” and a consensus target price of $29.17.
ABB Stock Up 0.4 %
ABB (NYSE:ABBNY – Free Report) last posted its quarterly earnings results on Monday, April 24th. The industrial products company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.40 by $0.16. ABB had a net margin of 9.58% and a return on equity of 23.19%. The company had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $7.58 billion. During the same quarter in the previous year, the business posted $0.31 EPS. The firm’s revenue was up 12.8% on a year-over-year basis. Equities analysts predict that ABB Ltd will post 1.68 EPS for the current fiscal year.
ABB Profile
ABB Ltd manufactures and sells 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, switchboards and panel boards, switchgears, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.
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