Renaissance Technologies LLC Sells 915,700 Shares of ABB Ltd (NYSE:ABB)

Renaissance Technologies LLC lowered its position in ABB Ltd (NYSE:ABB) by 26.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,532,900 shares of the industrial products company’s stock after selling 915,700 shares during the quarter. Renaissance Technologies LLC owned about 0.12% of ABB worth $50,734,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC raised its holdings in ABB by 40.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 66,856 shares of the industrial products company’s stock valued at $1,262,000 after acquiring an additional 19,365 shares in the last quarter. Eagle Asset Management Inc. raised its stake in shares of ABB by 5.5% in the first quarter. Eagle Asset Management Inc. now owns 14,058 shares of the industrial products company’s stock valued at $265,000 after purchasing an additional 733 shares in the last quarter. Gabelli Funds LLC raised its stake in shares of ABB by 4.5% in the first quarter. Gabelli Funds LLC now owns 92,000 shares of the industrial products company’s stock valued at $1,736,000 after purchasing an additional 4,000 shares in the last quarter. Cornerstone Advisors Inc. lifted its position in ABB by 76.4% in the first quarter. Cornerstone Advisors Inc. now owns 1,390 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 602 shares during the period. Finally, Stephens Inc. AR bought a new position in ABB in the first quarter worth $642,000. Hedge funds and other institutional investors own 4.33% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Societe Generale cut shares of ABB from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada reiterated a “hold” rating and set a $21.00 target price on shares of ABB in a research report on Thursday, July 25th. Deutsche Bank reissued a “buy” rating and issued a $23.00 target price on shares of ABB in a research note on Friday, July 26th. JPMorgan Chase & Co. reissued a “sell” rating on shares of ABB in a research report on Friday, September 6th. Finally, Morgan Stanley reissued a “hold” rating and issued a $20.10 price target on shares of ABB in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $20.37.

ABB stock traded up $0.15 during mid-day trading on Wednesday, hitting $20.19. 35,918 shares of the company were exchanged, compared to its average volume of 1,724,585. The company has a quick ratio of 1.09, a current ratio of 1.32 and a debt-to-equity ratio of 0.65. The business has a fifty day moving average of $18.68 and a 200 day moving average of $19.22. ABB Ltd has a 1-year low of $17.71 and a 1-year high of $24.45. The company has a market capitalization of $43.05 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 3.34 and a beta of 1.15.

ABB (NYSE:ABB) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.08. ABB had a return on equity of 18.97% and a net margin of 4.95%. The company had revenue of $7.17 billion during the quarter, compared to analysts’ expectations of $7.21 billion. During the same period last year, the business earned $0.38 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Research analysts expect that ABB Ltd will post 0.86 earnings per share for the current year.

ABB Company Profile

ABB Ltd manufactures and sells electrification, industrial automation, and robotics and motion products for customers in utilities, industry and transport, and infrastructure worldwide. Its Electrification Products segment provides electric vehicle charging infrastructure, solar power solutions, modular substation packages, distribution automation products, switchboard 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.

Read More: Understanding the Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for ABB (NYSE:ABB)

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