ABB Ltd. (ABB) PT Set at $23.00 by Bank of America Corp.
ABB Ltd. (NYSE:ABB) has been assigned a $23.00 target price by research analysts at Bank of America Corp. in a report released on Tuesday. The firm presently has a a “hold” rating on the stock. Bank of America Corp.’s price target points to a potential upside of 1.05% from the company’s current price.
Several other brokerages also recently issued reports on ABB. BNP Paribas upgraded ABB from an “underperform” rating to an “outperform” rating in a research report on Thursday, September 1st. HSBC downgraded ABB from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Citigroup Inc. reiterated a “sell” rating on shares of ABB in a research report on Wednesday. Finally, Zacks Investment Research downgraded ABB from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $23.75.
ABB (NYSE:ABB) opened at 22.76 on Tuesday. The firm’s 50-day moving average price is $22.26 and its 200 day moving average price is $20.87. ABB has a 52-week low of $15.74 and a 52-week high of $22.88. The stock has a market cap of $48.41 billion, a P/E ratio of 29.52 and a beta of 1.20.
ABB (NYSE:ABB) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.09. The business earned $8.68 billion during the quarter, compared to the consensus estimate of $8.83 billion. ABB had a return on equity of 16.86% and a net margin of 4.91%. The business’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 earnings per share. Equities analysts predict that ABB will post $1.08 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in ABB. Eqis Capital Management Inc. purchased a new stake in shares of ABB during the third quarter valued at about $383,000. Lincluden Management Ltd. increased its stake in shares of ABB by 18.3% in the second quarter. Lincluden Management Ltd. now owns 140,291 shares of the company’s stock valued at $2,782,000 after buying an additional 21,748 shares during the period. Schafer Cullen Capital Management Inc. increased its stake in shares of ABB by 7.3% in the second quarter. Schafer Cullen Capital Management Inc. now owns 3,697,586 shares of the company’s stock valued at $73,323,000 after buying an additional 251,597 shares during the period. Cullen Capital Management LLC increased its stake in shares of ABB by 9.9% in the second quarter. Cullen Capital Management LLC now owns 314,450 shares of the company’s stock valued at $6,236,000 after buying an additional 28,300 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ABB during the second quarter valued at about $757,000. 3.27% of the stock is currently owned by institutional investors.
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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