K2 Principal Fund L.P. Trims Stake in ABB Ltd (ABB)

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K2 Principal Fund L.P. lessened its holdings in shares of ABB Ltd (NYSE:ABB) by 11.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 160,000 shares of the industrial products company’s stock after selling 20,000 shares during the quarter. K2 Principal Fund L.P.’s holdings in ABB were worth $3,483,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the company. Fisher Asset Management LLC lifted its position in shares of ABB by 6.2% during the second quarter. Fisher Asset Management LLC now owns 10,265,149 shares of the industrial products company’s stock worth $223,472,000 after purchasing an additional 600,743 shares in the last quarter. Boston Partners raised its holdings in ABB by 5.3% in the second quarter. Boston Partners now owns 7,380,465 shares of the industrial products company’s stock valued at $160,673,000 after acquiring an additional 370,034 shares in the last quarter. Northern Trust Corp raised its holdings in ABB by 0.7% in the first quarter. Northern Trust Corp now owns 5,737,963 shares of the industrial products company’s stock valued at $136,220,000 after acquiring an additional 40,284 shares in the last quarter. Schafer Cullen Capital Management Inc. raised its holdings in ABB by 0.5% in the first quarter. Schafer Cullen Capital Management Inc. now owns 3,837,783 shares of the industrial products company’s stock valued at $91,109,000 after acquiring an additional 17,237 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in ABB by 1.0% in the first quarter. BlackRock Inc. now owns 3,808,310 shares of the industrial products company’s stock valued at $90,409,000 after acquiring an additional 39,560 shares in the last quarter. 5.31% of the stock is currently owned by institutional investors and hedge funds.

Several analysts recently weighed in on ABB shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ABB in a report on Monday, July 9th. ValuEngine raised shares of ABB from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. Citigroup raised shares of ABB from a “neutral” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research cut shares of ABB from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Finally, Jefferies Financial Group raised shares of ABB from an “underperform” rating to a “hold” rating and set a $23.00 target price on the stock in a report on Wednesday, July 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $27.00.

Shares of ABB stock opened at $23.31 on Thursday. The company has a market capitalization of $50.28 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 2.49 and a beta of 1.22. ABB Ltd has a 52 week low of $21.22 and a 52 week high of $28.67. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 1.15.

ABB (NYSE:ABB) last announced its quarterly earnings results on Thursday, July 19th. The industrial products company reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The company had revenue of $8.89 billion for the quarter, compared to analyst estimates of $9.03 billion. ABB had a net margin of 6.24% and a return on equity of 19.94%. The firm’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 earnings per share. analysts anticipate that ABB Ltd will post 1.38 EPS for the current fiscal year.

ABB Company Profile

ABB Ltd manufactures and sells electrification, robotics and motion, industrial automation, and power grid products worldwide. Its Electrification Products segment provides modular substation packages, distribution automation products, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.

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Institutional Ownership by Quarter for ABB (NYSE:ABB)

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