ABB Ltd. (NYSE:ABB) shares hit a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $22.76.
A number of other analysts also recently weighed in on the stock. BNP Paribas raised shares of ABB from an “underperform” rating to an “outperform” rating in a research report on Thursday, September 1st. HSBC downgraded shares of ABB from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Deutsche Bank AG raised shares of ABB from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Citigroup Inc. reissued a “sell” rating on shares of ABB in a research report on Wednesday. Finally, Zacks Investment Research downgraded shares of ABB from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. 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 company has an average rating of “Hold” and a consensus price target of $23.75.
A number of hedge funds have recently bought and sold shares of ABB. Grandfield & Dodd LLC increased its stake in ABB by 3.1% in the second quarter. Grandfield & Dodd LLC now owns 606,866 shares of the company’s stock valued at $12,034,000 after buying an additional 18,523 shares during the last quarter. Wellington Management Group LLP increased its stake 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 last quarter. Trillium Asset Management LLC increased its stake in ABB by 0.3% in the second quarter. Trillium Asset Management LLC now owns 722,362 shares of the company’s stock valued at $14,324,000 after buying an additional 2,234 shares during the last quarter. Conning Inc. acquired a new stake in ABB during the second quarter valued at about $3,514,000. Finally, JPMorgan Chase & Co. increased its stake in ABB by 9.8% in the second quarter. JPMorgan Chase & Co. now owns 2,513,049 shares of the company’s stock valued at $49,833,000 after buying an additional 224,114 shares during the last quarter. 3.27% of the stock is owned by institutional investors and hedge funds.
The firm has a market capitalization of $48.67 billion, a price-to-earnings ratio of 29.68 and a beta of 1.20. The stock’s 50 day moving average is $22.29 and its 200-day moving average is $20.88.
ABB (NYSE:ABB) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm earned $8.68 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. The business’s revenue was down 5.3% on a year-over-year basis. On average, analysts forecast that ABB Ltd. will post $1.08 earnings per share for the current year.
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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