ABB (OTCMKTS:ABBNY) Stock Price Passes Above Two Hundred Day Moving Average Following Analyst Downgrade

ABB Ltd (OTCMKTS:ABBNY) shares passed above its 200-day moving average during trading on Thursday after Dnb Carnegie upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $97.04 and traded as high as $99.56. ABB shares last traded at $98.75, with a volume of 128,635 shares trading hands.

ABBNY has been the topic of several other research reports. TD Cowen reiterated a “hold” rating on shares of ABB in a research note on Tuesday, June 30th. Berenberg Bank upgraded ABB to a “hold” rating in a research note on Monday, June 1st. Citigroup reaffirmed a “neutral” rating on shares of ABB in a research report on Thursday, June 18th. Kepler Capital Markets downgraded ABB from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Barclays upgraded ABB from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $58.00.

Hedge Funds Weigh In On ABB

A hedge fund recently bought a new position in ABB stock. North Star Asset Management Inc. acquired a new position in shares of ABB Ltd (OTCMKTS:ABBNY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,205 shares of the industrial products company’s stock, valued at approximately $240,000. Hedge funds and other institutional investors own 1.06% of the company’s stock.

ABB Trading Down 0.3%

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a market cap of $179.51 billion, a P/E ratio of 35.55, a P/E/G ratio of 1.46 and a beta of 1.36. The firm has a 50 day simple moving average of $101.38 and a 200 day simple moving average of $97.05.

ABB (OTCMKTS:ABBNY) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.13). ABB had a net margin of 13.86% and a return on equity of 31.25%. The company had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.34 billion. On average, equities research analysts predict that ABB Ltd will post 3.78 EPS for the current fiscal year.

ABB Company Profile

ABB Ltd provides electrification, motion, and automation solutions and products for customers in utilities, industry and transport, and infrastructure in Switzerland, rest of Europe, the Americas, the United States, rest of Asia, the Middle East, Africa, China, and internationally. Its Electrification segment offers renewable power solutions, modular substation packages, distribution automation products, switchboards and panelboards, switchgears, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.