ABB (OTCMKTS:ABBNY) Shares Gap Down Following Weak Earnings

ABB Ltd (OTCMKTS:ABBNY) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $103.47, but opened at $97.88. ABB shares last traded at $97.76, with a volume of 15,122 shares trading hands.

The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.13). ABB had a net margin of 13.86% and a return on equity of 31.94%.

Analyst Ratings Changes

Several brokerages have recently commented on ABBNY. Zacks Research cut shares of ABB from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Royal Bank Of Canada restated a “sector perform” rating on shares of ABB in a research note on Wednesday, May 6th. TD Cowen reaffirmed a “hold” rating on shares of ABB in a report on Tuesday, June 30th. Wall Street Zen lowered ABB from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Barclays upgraded ABB from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Eleven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ABB currently has a consensus rating of “Reduce” and a consensus target price of $58.00.

ABB Stock Down 5.1%

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.38 and a quick ratio of 1.05. The stock’s fifty day simple moving average is $105.27 and its 200-day simple moving average is $92.50. The stock has a market cap of $178.94 billion, a P/E ratio of 36.08, a PEG ratio of 1.63 and a beta of 1.36.

About ABB

ABB Ltd provides electrification, motion, and automation solutions and products for customers in utilities, industry and transport, and infrastructure in Switzerland, rest of Europe, the Americas, the United States, rest of Asia, the Middle East, Africa, China, and internationally. Its Electrification segment offers renewable power solutions, modular substation packages, distribution automation products, switchboards and panelboards, switchgears, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.