Zacks Investment Research Downgrades ABB (ABB) to Hold

ABB (NYSE:ABB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “ABB’s shares have outperformed the industry’s average return over the last six months. ABB has an excellent earnings surprise history over the trailing four quarters. ABB continues to benefit from power infrastructure investments and strategic restructuring plans. Strong order growth, particularly in Robotics and Motion segment, bode well for the coming quarters. The third stage of ABB’s revamped “Next Level Strategy” will help unlock ABB’s full digital potential, increasing momentum in operational excellence and boosting the company’s brand. However, volatility in oil & gas markets and uncertainty in the process industries remain major headwinds for the company. Lower capital spending in the company’s key upstream energy end-markets will hurt its prospects. Moreover, a stringent competitive environment, volatility in raw material prices and dwindling customer expenditure add to the woes.”

Several other analysts have also issued reports on ABB. Robert W. Baird reaffirmed a “buy” rating and issued a $29.00 target price on shares of ABB in a research note on Wednesday, October 4th. Goldman Sachs Group raised ABB from a “neutral” rating to a “conviction-buy” rating in a research note on Tuesday, October 31st. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ABB in a research note on Friday, November 24th. Jefferies Group set a $20.00 target price on ABB and gave the stock a “sell” rating in a research note on Tuesday, November 28th. Finally, Deutsche Bank raised ABB from a “hold” rating to a “buy” rating in a research note on Monday, December 4th. Three equities 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 stock. The stock presently has a consensus rating of “Hold” and an average target price of $26.67.

Shares of ABB (NYSE:ABB) opened at $28.01 on Thursday. The stock has a market capitalization of $60,300.00, a P/E ratio of 26.68, a price-to-earnings-growth ratio of 2.91 and a beta of 1.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.37 and a quick ratio of 1.03. ABB has a 52 week low of $22.04 and a 52 week high of $28.26.

ABB (NYSE:ABB) last issued its earnings results on Thursday, October 26th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.04. The business had revenue of $8.72 billion during the quarter, compared to analyst estimates of $8.55 billion. ABB had a return on equity of 18.65% and a net margin of 6.79%. ABB’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. equities analysts expect that ABB will post 1.22 EPS for the current year.

A number of hedge funds have recently made changes to their positions in ABB. Bank of Nova Scotia Trust Co. bought a new stake in ABB in the third quarter valued at approximately $113,000. Mountain Capital Investment Advisors Inc bought a new stake in ABB in the second quarter valued at approximately $120,000. Cubist Systematic Strategies LLC lifted its position in ABB by 296.7% in the second quarter. Cubist Systematic Strategies LLC now owns 4,800 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 3,590 shares during the last quarter. Quantbot Technologies LP bought a new stake in ABB in the third quarter valued at approximately $184,000. Finally, Round Table Services LLC bought a new stake in ABB in the fourth quarter valued at approximately $203,000. Hedge funds and other institutional investors own 4.73% of the company’s stock.

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ABB Company Profile

ABB Ltd (ABB) is a holding company. The Company’s segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. It is engaged in serving customers in utilities, industry and transport and infrastructure.

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