Russell Investments Group Ltd. Buys New Stake in ABB Ltd (NYSE:ABBNY)

Russell Investments Group Ltd. bought a new stake in shares of ABB Ltd (NYSE:ABBNY) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 46,301 shares of the industrial products company’s stock, valued at approximately $1,588,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ABBNY. Morgan Stanley raised its holdings in shares of ABB by 5.9% in the fourth quarter. Morgan Stanley now owns 5,316,270 shares of the industrial products company’s stock worth $161,934,000 after buying an additional 295,580 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of ABB by 2.2% in the first quarter. Royal Bank of Canada now owns 2,822,472 shares of the industrial products company’s stock worth $91,278,000 after buying an additional 61,975 shares during the last quarter. Chevy Chase Trust Holdings LLC raised its holdings in shares of ABB by 8.0% in the fourth quarter. Chevy Chase Trust Holdings LLC now owns 2,360,851 shares of the industrial products company’s stock worth $71,912,000 after buying an additional 175,052 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of ABB by 1.7% in the second quarter. Goldman Sachs Group Inc. now owns 1,978,913 shares of the industrial products company’s stock worth $52,896,000 after buying an additional 32,202 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of ABB by 7.6% in the first quarter. First Trust Advisors LP now owns 1,745,567 shares of the industrial products company’s stock worth $56,452,000 after buying an additional 122,855 shares during the last quarter. Hedge funds and other institutional investors own 1.37% of the company’s stock.

ABB Stock Up 1.5 %

Shares of NYSE ABBNY opened at $37.78 on Tuesday. The company’s 50-day simple moving average is $38.69 and its 200-day simple moving average is $36.27. ABB Ltd has a 52-week low of $24.27 and a 52-week high of $41.03. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 20.76, a price-to-earnings-growth ratio of 3.04 and a beta of 1.10. The company has a quick ratio of 0.78, a current ratio of 1.14 and a debt-to-equity ratio of 0.33.

ABB (NYSE:ABBNY) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.01). The business had revenue of $8.16 billion during the quarter, compared to analysts’ expectations of $7.47 billion. ABB had a return on equity of 26.90% and a net margin of 10.99%. Equities analysts predict that ABB Ltd will post 1.97 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of ABB in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.25.

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.