Parametric Portfolio Associates L recently announced the acquisition of new stake in ABB Ltd (NYSE:ABB). The institutional investor has increased its shareholding in the Industrials company by 11.49% to 2.92 million shares with purchase of 0.3 million shares. This fresh investment now brings its stake to 0.15% valued currently at $105.38 million. In addition, Chevy Chase Trust Co. raised its holdings by 0.18 million to 2.36 million shares.
With over 2.51 million ABB Ltd (ABB) shares trading Friday and a closing price of $37.56 on the day, the dollar volume was approximately $94.1 million. The shares have shown a positive half year performance of 21.87% and its price on 05/19/23 gained nearly 1.43%. Currently, there are 1.86B common shares owned by the public and among those 1.73B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 31 analysts who have offered their price forecasts for ABB have a consensus price objective of $37.90. The analysts have set the share’s price value over the next 12 months at a high of $52.81 and a low of $29.00. The average price target is 4.01% above its recent price level and a downside to the estimated low will see the stock lose -29.52% over that period. But an upside of 28.88% will see the stock hit the forecast high price target while median target price for the stock is $37.84.
The top 3 mutual fund holders in ABB Ltd are Washington Mutual Investors Fund, First Trust Value Line Dividend I, and American Funds Insurance Series -. Washington Mutual Investors Fund owns 11.32 million shares of the company’s stock, all valued at over $408.43 million. The company sold -0.7 million shares recently to bring their total holdings to about 0.58% of the shares outstanding. First Trust Value Line Dividend I bought 1017.0 shares to see its total holdings expand to 2.06 million shares valued at over $74.36 million and representing 0.11% of the shares outstanding. American Funds Insurance Series – sold 43772.0 shares to bring its total holdings to over 0.71 million shares at a value of $25.63 million. American Funds Insurance Series – now owns shares totaling to 0.04% of the shares outstanding.
Shares of ABB Ltd (NYSE: ABB) opened at $37.57, up $0.54 from a prior closing price of $37.03. However, the script later moved the day high at 37.76, up 1.43%. The company’s stock has a 5-day price change of 1.71% and 9.92% over the past three months. ABB shares are trading 23.31% year to date (YTD), with the 12-month market performance up to 35.01% higher. It has a 12-month low price of $24.27 and touched a high of $37.11 over the same period. ABB has an average intraday trading volume of 1.60 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.48%, 8.35%, and 20.59% respectively.
Institutional ownership of ABB Ltd (NYSE: ABB) shares accounts for 6.20% of the company’s 1.86B shares outstanding. Mutual fund holders own 0.89%, while other institutional holders and individual stakeholders account for 4.13% and — respectively.
It has a market capitalization of $72.43B and a beta (3y monthly) value of 1.14. The stock’s trailing 12-month PE ratio is 24.03, while the earnings-per-share (ttm) stands at $1.56. The company has a PEG of 1.65 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 0.71. Price movements for the stock have been influenced by the stock’s volatility, which stands at 0.93% over the week and 1.12% over the month.
Analysts forecast that ABB Ltd (ABB) will achieve an EPS of $0.44 for the current quarter, $0.46 for the next quarter and $1.91 for 2024. The lowest estimate earnings-per-share for the quarter is $0.34 while analysts give the company a high EPS estimate of $0.51. Comparatively, EPS for the current quarter was $0.2 a year ago. Earnings per share for the fiscal year are expected to decrease by -42.50%, and 2.10% over the next financial year. EPS should shrink at an annualized rate of 14.60% over the next five years, compared to 15.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 31 brokerage firm advisors rate ABB Ltd (ABB) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 17 of the 31 advise that investors “hold,” and 2 rated it as a “Sell.”
