Zacks Investment Research lowered shares of ABB Ltd (NYSE:ABB) from a hold rating to a sell rating in a report released on Tuesday morning.
According to Zacks, “Tough macroeconomic and geopolitical conditions have been plaguing ABB in recent times. Going forward, volatility in oil & gas markets and uncertainty in the process industries will likely be major headwinds for ABB. Also, lower capital spending in ABB’s key upstream energy end-markets will hurt its prospects. This apart, ABB will have to contend with escalating geopolitical tension triggered by the Brexit referendum and weakness in key end markets. In addition, a stringent competitive environment, volatility in raw material prices and dwindling customer expenditure are expected to add to the woes.On the positive side, ABB has a robust earnings surprise history over the trailing four quarters, having beaten estimates all through. Also, year to date, ABB’s shares have outperformed the Zacks classified Machinery Electric industry average return.”
A number of other research analysts have also issued reports on ABB. Robert W. Baird reaffirmed a buy rating and set a $29.00 target price on shares of ABB in a report on Wednesday, October 4th. BidaskClub lowered ABB from a buy rating to a hold rating in a report on Tuesday, August 1st. Morgan Stanley reaffirmed a buy rating on shares of ABB in a report on Tuesday, June 13th. Finally, UBS AG reaffirmed a sell rating on shares of ABB in a report on Monday, July 24th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $23.50.
ABB (NYSE ABB) traded up 0.299% during midday trading on Tuesday, hitting $25.155. 358,179 shares of the company traded hands. The stock has a 50 day moving average of $24.19 and a 200 day moving average of $24.24. The stock has a market cap of $54.54 billion, a P/E ratio of 24.234 and a beta of 1.06. ABB has a 12-month low of $20.26 and a 12-month high of $25.83.
ABB (NYSE:ABB) last released its earnings results on Thursday, July 20th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.03). The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.55 billion. ABB had a return on equity of 18.62% and a net margin of 6.87%. ABB’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. Equities research analysts predict that ABB will post $1.23 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Financial Architects Inc boosted its position in shares of ABB by 2,404.2% in the 2nd quarter. Financial Architects Inc now owns 4,182 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 4,015 shares during the period. Ledyard National Bank boosted its position in shares of ABB by 3.6% in the 2nd quarter. Ledyard National Bank now owns 4,350 shares of the industrial products company’s stock valued at $108,000 after purchasing an additional 150 shares during the period. Cubist Systematic Strategies LLC boosted its position in shares of ABB by 296.7% in the 2nd 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 period. Mountain Capital Investment Advisors Inc acquired a new position in shares of ABB in the 2nd quarter valued at $120,000. Finally, Huntington National Bank boosted its position in shares of ABB by 40.3% in the 2nd quarter. Huntington National Bank now owns 5,484 shares of the industrial products company’s stock valued at $137,000 after purchasing an additional 1,575 shares during the period. Institutional investors and hedge funds own 4.42% of the company’s stock.
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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