ABB Ltd. (ABB) Reaches New 12-Month High Following Analyst Upgrade
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. The stock had previously closed at $22.76.
Several other equities research analysts have also recently commented on the stock. HSBC cut shares of ABB from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Goldman Sachs Group Inc. restated a “sell” rating on shares of ABB in a report on Thursday, September 22nd. Zacks Investment Research upgraded shares of ABB from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Tuesday, September 20th. BNP Paribas upgraded shares of ABB from an “underperform” rating to an “outperform” rating in a report on Thursday, September 1st. Finally, Citigroup Inc. restated a “sell” rating on shares of ABB in a report on Wednesday. Four analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $23.75.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sensato Investors LLC acquired a new stake in shares of ABB during the first quarter worth approximately $3,521,000. HBK Investments L P raised its stake in shares of ABB by 50.6% in the first quarter. HBK Investments L P now owns 171,093 shares of the company’s stock worth $3,323,000 after buying an additional 57,493 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of ABB by 3.6% in the first quarter. Wellington Management Group LLP now owns 11,362,353 shares of the company’s stock worth $220,657,000 after buying an additional 390,035 shares in the last quarter. Simmons Bank acquired a new stake in shares of ABB during the first quarter worth approximately $455,000. Finally, Geode Capital Management LLC raised its stake in shares of ABB by 11.9% in the first quarter. Geode Capital Management LLC now owns 13,612 shares of the company’s stock worth $264,000 after buying an additional 1,451 shares in the last quarter. 3.27% of the stock is currently owned by hedge funds and other institutional investors.
The company has a 50 day moving average price of $22.29 and a 200 day moving average price of $20.88. The firm has a market cap of $48.67 billion, a price-to-earnings ratio of 29.68 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, beating analysts’ consensus estimates of $0.26 by $0.09. The business earned $8.68 billion during the quarter, compared to analyst estimates of $8.83 billion. ABB had a net margin of 4.91% and a return on equity of 16.86%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter last year, the business earned $0.33 EPS. On average, equities research analysts forecast that ABB Ltd. will post $1.08 EPS for the current year.
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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