Comerica Bank Cuts Stake in ABB Ltd (NYSE:ABB)

Comerica Bank cut its stake in ABB Ltd (NYSE:ABB) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,799 shares of the industrial products company’s stock after selling 2,666 shares during the quarter. Comerica Bank’s holdings in ABB were worth $2,563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ABB. Bank of New York Mellon Corp grew its position in shares of ABB by 2,682.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 773,750 shares of the industrial products company’s stock worth $18,284,000 after buying an additional 745,943 shares during the period. JPMorgan Chase & Co. boosted its stake in ABB by 296.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,230,680 shares of the industrial products company’s stock worth $29,081,000 after purchasing an additional 920,247 shares in the last quarter. BB&T Corp boosted its stake in ABB by 3.1% in the 4th quarter. BB&T Corp now owns 67,829 shares of the industrial products company’s stock worth $1,289,000 after purchasing an additional 2,028 shares in the last quarter. Manning & Napier Group LLC boosted its stake in ABB by 3.6% in the 4th quarter. Manning & Napier Group LLC now owns 214,200 shares of the industrial products company’s stock worth $4,071,000 after purchasing an additional 7,371 shares in the last quarter. Finally, We Are One Seven LLC bought a new position in ABB in the 4th quarter worth about $37,000. Institutional investors own 4.93% of the company’s stock.

ABB stock traded down $0.45 during midday trading on Friday, hitting $18.83. The stock had a trading volume of 1,601,548 shares, compared to its average volume of 2,122,282. The firm has a market capitalization of $41.23 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 2.85 and a beta of 1.11. ABB Ltd has a 52-week low of $18.05 and a 52-week high of $24.45. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52.

ABB (NYSE:ABB) last released its earnings results on Wednesday, April 17th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. ABB had a net margin of 6.59% and a return on equity of 19.31%. The company had revenue of $6.85 billion during the quarter, compared to analyst estimates of $6.82 billion. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that ABB Ltd will post 0.99 EPS for the current year.

Several equities analysts have issued reports on ABB shares. Zacks Investment Research upgraded shares of ABB from a “strong sell” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Wednesday, May 1st. Deutsche Bank restated a “buy” rating and set a $24.00 target price on shares of ABB in a research note on Tuesday, May 21st. Jefferies Financial Group reiterated a “hold” rating on shares of ABB in a research note on Thursday, February 28th. Royal Bank of Canada reiterated a “hold” rating on shares of ABB in a research note on Thursday, February 28th. Finally, UBS Group reiterated a “hold” rating on shares of ABB in a research note on Thursday, February 28th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. ABB currently has an average rating of “Hold” and a consensus target price of $21.39.

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About ABB

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.

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Institutional Ownership by Quarter for ABB (NYSE:ABB)

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