Envestnet Asset Management Inc. lessened its stake in ABB Ltd (NYSE:ABBNY – Free Report) by 4.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 669,567 shares of the industrial products company’s stock after selling 28,334 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ABB were worth $21,737,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBNY. Money Concepts Capital Corp purchased a new position in shares of ABB in the fourth quarter worth about $25,000. Resurgent Financial Advisors LLC purchased a new stake in shares of ABB in the fourth quarter valued at about $27,000. SG3 Management LLC acquired a new stake in ABB during the fourth quarter worth about $30,000. Larson Financial Group LLC purchased a new position in ABB during the first quarter worth about $30,000. Finally, Tower Research Capital LLC TRC boosted its holdings in ABB by 225.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,224 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 848 shares during the last quarter. 1.37% of the stock is owned by hedge funds and other institutional investors.
ABB Price Performance
ABBNY stock opened at $37.91 on Friday. The business has a 50 day moving average price of $38.67 and a 200 day moving average price of $36.35. The company has a quick ratio of 0.78, a current ratio of 1.14 and a debt-to-equity ratio of 0.33. The stock has a market cap of $71.35 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 3.09 and a beta of 1.10. ABB Ltd has a fifty-two week low of $24.27 and a fifty-two week high of $41.03.
Wall Street Analysts Forecast Growth
Separately, StockNews.com began coverage on ABB in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.25.
View Our Latest Stock Report on ABB
ABB Company 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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