ABB Ltd. (ABB) Sets New 52-Week High After Analyst Upgrade
ABB Ltd. (NYSE:ABB) hit a new 52-week high 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 traded. The stock had previously closed at $22.76.
Other analysts also recently issued research reports about the company. Zacks Investment Research upgraded ABB from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Tuesday, September 20th. HSBC downgraded ABB from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of ABB in a research note on Monday, June 13th. Finally, BNP Paribas upgraded ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $23.75.
Institutional investors have recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new position in shares of ABB during the second quarter worth about $29,969,000. Quadrature Capital Ltd acquired a new position in shares of ABB during the second quarter worth about $9,213,000. Wellington Management Group LLP increased its position in shares of ABB by 3.6% in the first quarter. Wellington Management Group LLP now owns 11,362,353 shares of the company’s stock worth $220,657,000 after buying an additional 390,035 shares in the last quarter. UBS Group AG increased its position in shares of ABB by 47.5% in the first quarter. UBS Group AG now owns 856,662 shares of the company’s stock worth $16,636,000 after buying an additional 275,986 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc. increased its position in shares of ABB by 7.3% in the second quarter. Schafer Cullen Capital Management Inc. now owns 3,697,586 shares of the company’s stock worth $73,323,000 after buying an additional 251,597 shares in the last quarter. Institutional investors own 3.27% of the company’s stock.
The stock has a 50-day moving average price of $22.30 and a 200 day moving average price of $20.91. The firm has a market cap of $48.33 billion, a P/E ratio of 29.47 and a beta of 1.20.
ABB (NYSE:ABB) last posted its earnings results on Thursday, July 21st. The company reported $0.35 EPS 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 business had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.83 billion. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The business’s revenue was down 5.3% compared to the same quarter last year. Analysts forecast that ABB Ltd. will post $1.08 EPS for the current fiscal year.
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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