ABB Ltd. (NYSE:ABB) hit a new 52-week high during trading on Thursday after Robert W. Baird raised their price target on the stock from $21.00 to $24.00. Robert W. Baird currently has a neutral rating on the stock. ABB traded as high as $22.90 and last traded at $22.88, with a volume of 929,647 shares changing hands. The stock had previously closed at $22.76.
A number of other research analysts have also recently issued reports on the company. HSBC cut ABB from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of ABB in a report on Thursday, September 22nd. Zacks Investment Research raised ABB from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Tuesday, September 20th. BNP Paribas raised ABB from an “underperform” rating to an “outperform” rating in a report on Thursday, September 1st. Finally, Citigroup Inc. reaffirmed a “sell” rating on shares of ABB in a report on Wednesday. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $23.75.
Several hedge funds have recently made changes to their positions in ABB. Rehmann Capital Advisory Group bought a new stake in shares of ABB during the first quarter worth approximately $208,000. Franklin Resources Inc. boosted its stake in shares of ABB by 4.3% in the first quarter. Franklin Resources Inc. now owns 547,925 shares of the company’s stock worth $10,641,000 after buying an additional 22,423 shares during the period. BlackRock Institutional Trust Company N.A. bought a new stake in shares of ABB during the first quarter worth approximately $150,000. JPMorgan Chase & Co. boosted its stake in shares of ABB by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 2,288,935 shares of the company’s stock worth $44,451,000 after buying an additional 21,284 shares during the period. Finally, M&T Bank Corp boosted its stake in shares of ABB by 4.9% in the first quarter. M&T Bank Corp now owns 86,138 shares of the company’s stock worth $1,672,000 after buying an additional 4,017 shares during the period. 3.27% of the stock is owned by institutional investors.
The company’s 50 day moving average price is $22.27 and its 200 day moving average price is $20.87. The company has a market capitalization of $48.67 billion, a P/E ratio of 29.677 and a beta of 1.20.
ABB (NYSE:ABB) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.09. ABB had a return on equity of 16.86% and a net margin of 4.91%. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same period last year, the firm posted $0.33 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities analysts predict that ABB Ltd. will post $1.08 earnings per share for the current year.
ABB Company Profile
ABB Ltd (ABB) is engaged in power and automation technologies. The Company manages its business based on five divisions: Discrete Automation and Motion, Low Voltage Products, Process Automation, Power Products and Power Systems. The Discrete Automation and Motion division provides low-voltage and medium-voltage drive products and systems for industrial, commercial and residential applications.
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