Posted by admin on Aug 11th, 2022
CIBC Asset Management Inc acquired a new position in shares of ABB Ltd (NYSE:ABB – Get Rating) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,279 shares of the industrial products company’s stock, valued at approximately $235,000.
Several other large investors have also modified their holdings of ABB. Clearstead Advisors LLC boosted its holdings in shares of ABB by 82.2% during the 4th quarter. Clearstead Advisors LLC now owns 665 shares of the industrial products company’s stock worth $25,000 after buying an additional 300 shares during the period. Benjamin Edwards Inc. acquired a new position in ABB during the 4th quarter valued at $34,000. Sandy Cove Advisors LLC acquired a new position in ABB during the 4th quarter valued at $38,000. MCF Advisors LLC acquired a new position in ABB during the 1st quarter valued at $38,000. Finally, Western Pacific Wealth Management LP acquired a new position in ABB during the 4th quarter valued at $47,000. 14.37% of the stock is owned by institutional investors.
Several equities analysts recently commented on the stock. Stifel Nicolaus assumed coverage on shares of ABB in a research note on Thursday, June 30th. They set a “buy” rating for the company. UBS Group cut their target price on shares of ABB from CHF 37 to CHF 35 in a research note on Friday, July 22nd. Morgan Stanley upped their target price on shares of ABB from CHF 27 to CHF 27.20 in a research note on Tuesday, July 5th. Citigroup cut shares of ABB from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Finally, Bank of America cut shares of ABB from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, ABB has a consensus rating of “Hold” and a consensus target price of $33.03.
Shares of ABB stock opened at $30.49 on Thursday. The stock has a market capitalization of $59.90 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 3.46 and a beta of 1.09. The company has a quick ratio of 0.73, a current ratio of 1.06 and a debt-to-equity ratio of 0.40. The company has a 50-day simple moving average of $28.24 and a 200 day simple moving average of $30.93. ABB Ltd has a 12-month low of $25.80 and a 12-month high of $39.11.
ABB Ltd engages in manufacture and sale of 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, switchboard and panelboards, switchgear, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.
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