ABB Ltd. (ABB) Hits New 52-Week High at $21.64
ABB Ltd. (NYSE:ABB) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $21.64 and last traded at $21.58, with a volume of 577,601 shares changing hands. The stock had previously closed at $21.39.
A number of research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of ABB from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Deutsche Bank AG raised shares of ABB from a “sell” rating to a “hold” rating in a report on Friday, July 22nd. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ABB in a report on Monday, June 13th. TheStreet raised shares of ABB from a “hold” rating to a “buy” rating in a report on Friday, April 22nd. Finally, Citigroup Inc. reissued a “sell” rating on shares of ABB in a report on Thursday, April 21st. Five analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $22.25.
The stock’s 50-day moving average is $20.38 and its 200 day moving average is $19.61. The stock has a market capitalization of $46.50 billion and a PE ratio of 28.35.
ABB (NYSE:ABB) last issued its 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. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.83 billion. ABB’s quarterly revenue was down 5.3% on a year-over-year basis. On average, analysts predict that ABB Ltd. will post $1.08 earnings per share for the current fiscal year.
A hedge fund recently raised its stake in ABB stock. Morgan Stanley boosted its position in ABB Ltd. (NYSE:ABB) by 9.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,127,168 shares of the company’s stock after buying an additional 94,045 shares during the period. Morgan Stanley owned about 0.05% of ABB worth $19,984,000 as of its most recent SEC filing.
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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