Point72 Asset Management L.P. raised its position in shares of ABB Ltd (NYSE:ABB) by 512.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 508,400 shares of the industrial products company’s stock after purchasing an additional 425,400 shares during the period. Point72 Asset Management L.P.’s holdings in ABB were worth $12,583,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Nova Scotia Trust Co. bought a new stake in ABB during the 3rd quarter valued at $113,000. Cubist Systematic Strategies LLC raised its position in ABB by 296.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 4,800 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 3,590 shares in the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in ABB during the 2nd quarter valued at $120,000. IFP Advisors Inc raised its position in ABB by 71.0% during the 2nd quarter. IFP Advisors Inc now owns 6,552 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 2,721 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in ABB during the 3rd quarter valued at $184,000. 4.76% of the stock is owned by institutional investors and hedge funds.
ABB has been the subject of a number of research analyst reports. Robert W. Baird set a $28.00 target price on ABB and gave the company a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research lowered ABB from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Goldman Sachs Group upgraded ABB from a “neutral” rating to a “conviction-buy” rating in a report on Tuesday, October 31st. J P Morgan Chase & Co reiterated a “neutral” rating on shares of ABB in a report on Friday, November 24th. Finally, Jefferies Group set a $20.00 price target on ABB and gave the company a “sell” rating in a report on Tuesday, November 28th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $26.00.
ABB (NYSE:ABB) last announced its quarterly earnings results on Thursday, October 26th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. ABB had a return on equity of 18.65% and a net margin of 6.79%. The business had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.55 billion. During the same period last year, the business posted $0.32 EPS. The business’s revenue was up 5.7% compared to the same quarter last year. sell-side analysts anticipate that ABB Ltd will post 1.24 earnings per share for the current fiscal year.
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ABB Ltd (ABB) is a holding company. The Company’s segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. It is engaged in serving customers in utilities, industry and transport and infrastructure.
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