ABB Ltd. (ABB) Shares Gap Up to $22.06
Shares of ABB Ltd. (NYSE:ABB) gapped up prior to trading on Thursday . The stock had previously closed at $21.95, but opened at $22.06. ABB shares last traded at $22.26, with a volume of 734,315 shares traded.
A number of brokerages recently commented on ABB. Citigroup Inc. reiterated a “sell” rating on shares of ABB in a research report on Thursday, April 21st. Robert W. Baird lifted their price objective on ABB from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Thursday, April 21st. Societe Generale upgraded ABB from a “sell” rating to a “hold” rating in a research report on Thursday, April 21st. Zacks Investment Research upgraded ABB from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th. Finally, Deutsche Bank AG upgraded ABB from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $22.25.
The firm has a market capitalization of $47.56 billion and a price-to-earnings ratio of 29.00. The stock’s 50-day moving average is $20.72 and its 200 day moving average is $19.82.
ABB (NYSE:ABB) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.83 billion. ABB’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 earnings per share. Equities research analysts anticipate 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 stake in shares of ABB Ltd. (NYSE:ABB) by 9.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,127,168 shares of the company’s stock after buying an additional 94,045 shares during the period. Morgan Stanley owned 0.05% of ABB worth $19,984,000 at the end of the most recent reporting period.
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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