ABB Ltd. (ABB) Upgraded at Zacks Investment Research
ABB Ltd. (NYSE:ABB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $25.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 13.74% from the company’s previous close.
According to Zacks, “ABB has a decent earnings history, with three beats and one miss in the four trailing quarters. ABB is one of the best managed industrial infrastructure, power and automation companies in the world that stands to benefit from investments made in the upgrade of power infrastructure. ABB’s proven “Next Level Strategy” and focused investments in three strategic areas, namely, growth, execution and business-led collaboration are expected to propel growth. The company has made significant progress in all the three areas during the quarter that were conducive to the quarterly results. Going forward, the company’s three major customers in utilities, industry and transport & infrastructure are anticipated to drive growth. However, on the flip side, volatility in the oil & gas industry and currency fluctuations are expected to pose as major headwinds, marring the company’s prospects.”
Several other analysts also recently weighed in on ABB. JPMorgan Chase & Co. restated a “neutral” rating on shares of ABB in a report on Monday, June 13th. Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a report on Friday, July 22nd. HSBC downgraded ABB from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Finally, BNP Paribas upgraded ABB from an “underperform” rating to an “outperform” rating in a report on Thursday, September 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. ABB presently has an average rating of “Hold” and a consensus price target of $23.30.
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Shares of ABB (NYSE:ABB) traded up 0.8194% during mid-day trading on Tuesday, hitting $22.1601. 658,810 shares of the stock were exchanged. The stock’s 50 day moving average is $21.93 and its 200-day moving average is $20.55. ABB has a 12 month low of $15.74 and a 12 month high of $22.78. The stock has a market cap of $47.13 billion, a PE ratio of 28.7420 and a beta of 1.33.
ABB (NYSE:ABB) last issued its earnings results on Thursday, July 21st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.09. The firm 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 business’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. On average, analysts anticipate that ABB will post $1.08 EPS for the current year.
Several institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in ABB by 3.6% in the first quarter. Wellington Management Group LLP now owns 11,362,353 shares of the company’s stock valued at $220,657,000 after buying an additional 390,035 shares during the period. Aperio Group LLC increased its position in ABB by 31.1% in the first quarter. Aperio Group LLC now owns 746,514 shares of the company’s stock valued at $14,497,000 after buying an additional 177,291 shares during the period. Logan Capital Management Inc. increased its position in ABB by 3.2% in the first quarter. Logan Capital Management Inc. now owns 40,296 shares of the company’s stock valued at $782,000 after buying an additional 1,239 shares during the period. JPMorgan Chase & Co. increased its position in ABB by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 2,288,935 shares of the company’s stock valued at $44,451,000 after buying an additional 21,284 shares during the period. Finally, Ngam Advisors L.P. increased 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 valued at $12,295,000 after buying an additional 116,351 shares during the period. Hedge funds and other institutional investors own 3.56% of the company’s stock.
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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