Fieldpoint Private Securities LLC Invests $1.04 Million in ABB Ltd (ABB)
Fieldpoint Private Securities LLC bought a new stake in ABB Ltd (NYSE:ABB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 41,650 shares of the industrial products company’s stock, valued at approximately $1,037,000. ABB comprises approximately 0.7% of Fieldpoint Private Securities LLC’s portfolio, making the stock its 27th largest position.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in ABB by 28.9% in the 1st quarter. Bank of New York Mellon Corp now owns 98,502 shares of the industrial products company’s stock worth $2,304,000 after acquiring an additional 22,070 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of ABB by 13.1% during the first quarter. Ameriprise Financial Inc. now owns 547,411 shares of the industrial products company’s stock valued at $12,822,000 after buying an additional 63,418 shares during the period. Quantbot Technologies LP purchased a new position in shares of ABB during the first quarter valued at approximately $206,000. JPMorgan Chase & Co. increased its stake in shares of ABB by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 45,571 shares of the industrial products company’s stock valued at $1,067,000 after buying an additional 13,475 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of ABB by 12.2% during the first quarter. SG Americas Securities LLC now owns 39,928 shares of the industrial products company’s stock valued at $934,000 after buying an additional 4,351 shares during the period. 4.42% of the stock is owned by institutional investors.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of ABB from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Robert W. Baird reaffirmed an “outperform” rating and set a $28.00 price objective (up from $27.00) on shares of ABB in a research report on Friday, June 16th. Morgan Stanley cut ABB from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 21st. UBS AG reiterated a “sell” rating on shares of ABB in a report on Monday, July 24th. Finally, BidaskClub lowered ABB from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $24.25.
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ABB Ltd (NYSE ABB) traded up 0.465% during midday trading on Monday, hitting $24.865. The stock had a trading volume of 623,954 shares. The stock has a market cap of $53.06 billion, a PE ratio of 23.955 and a beta of 1.06. ABB Ltd has a 52-week low of $20.26 and a 52-week high of $25.83. The company’s 50 day moving average price is $23.46 and its 200-day moving average price is $24.02.
ABB (NYSE:ABB) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.03). ABB had a return on equity of 18.62% and a net margin of 6.87%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.55 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. Analysts forecast that ABB Ltd will post $1.22 EPS for the current fiscal year.
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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