ABB Ltd. (ABB) Shares Gap Up to $21.98
ABB Ltd. (NYSE:ABB) shares gapped up before the market opened on Tuesday . The stock had previously closed at $21.95, but opened at $21.98. ABB shares last traded at $22.16, with a volume of 613,619 shares traded.
Several research analysts have recently weighed in on the company. Zacks Investment Research raised ABB from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Tuesday. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ABB in a research note on Monday, June 13th. Deutsche Bank AG raised ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. HSBC downgraded ABB from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Finally, BNP Paribas raised ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. ABB has an average rating of “Hold” and an average price target of $23.30.
The company has a market capitalization of $47.07 billion, a P/E ratio of 28.70 and a beta of 1.33. The stock’s 50 day moving average is $21.96 and its 200 day moving average is $20.57.
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ABB (NYSE:ABB) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.35 earnings per share for the quarter, topping 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 company earned $8.68 billion during the quarter, compared to analysts’ expectations of $8.83 billion. During the same period in the previous year, the firm posted $0.33 earnings per share. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, equities analysts anticipate that ABB Ltd. will post $1.08 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Lincluden Management Ltd. boosted its position in ABB by 18.5% in the first quarter. Lincluden Management Ltd. now owns 118,543 shares of the company’s stock worth $2,302,000 after buying an additional 18,545 shares during the period. Aperio Group LLC boosted its position in ABB by 31.1% in the first quarter. Aperio Group LLC now owns 746,514 shares of the company’s stock worth $14,497,000 after buying an additional 177,291 shares during the period. Tiemann Investment Advisors LLC bought a new position in ABB during the first quarter worth $216,000. Ngam Advisors L.P. boosted its position in ABB by 22.5% in the first quarter. Ngam Advisors L.P. now owns 633,129 shares of the company’s stock worth $12,295,000 after buying an additional 116,351 shares during the period. Finally, Rehmann Capital Advisory Group bought a new position in ABB during the first quarter worth $208,000. 3.56% of the stock is owned by institutional investors.
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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