Zacks Investment Research upgraded shares of ABB (NYSE:ABB) from a sell rating to a hold rating in a report published on Tuesday morning.
According to Zacks, “ABB is currently benefiting from steady revenues and strategic restructuring initiatives. Major acquisitions like GE Industrial Solutions and B&R (Bernecker + Rainer Industrie-Elektronik GmbH) have significantly expanded the company’s footprint and accelerated its operational momentum. However, over the past three months, the stock has underperformed the industry. Escalating commodity prices will possibly continue to surge costs and hurt ABB’s profitability in the quarters ahead. Also, the stock currently looks more leveraged than the industry. Over the last 7 days, Zacks Consensus Estimate for the stock has remained unchanged for both 2018 and 2019.”
Several other research analysts have also weighed in on ABB. JPMorgan Chase & Co. restated a neutral rating on shares of ABB in a research note on Monday, July 9th. Jefferies Financial Group upgraded shares of ABB from an underperform rating to a hold rating and set a $23.00 price objective on the stock in a research note on Wednesday, July 11th. ValuEngine upgraded shares of ABB from a sell rating to a hold rating in a research note on Wednesday, August 29th. DNB Markets started coverage on shares of ABB in a research note on Monday, September 3rd. They set a buy rating on the stock. Finally, Citigroup upgraded shares of ABB from a neutral rating to a buy rating in a research note on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. ABB has an average rating of Hold and an average price target of $25.67.
ABB (NYSE:ABB) last released its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $8.89 billion for the quarter, compared to analyst estimates of $9.03 billion. ABB had a net margin of 6.24% and a return on equity of 19.94%. ABB’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.30 EPS. Research analysts expect that ABB will post 1.42 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. NEXT Financial Group Inc bought a new stake in shares of ABB during the 3rd quarter worth about $100,000. Summit Trail Advisors LLC boosted its holdings in shares of ABB by 3,057.8% during the 1st quarter. Summit Trail Advisors LLC now owns 125,489 shares of the industrial products company’s stock worth $125,000 after buying an additional 121,515 shares during the period. Mount Yale Investment Advisors LLC bought a new stake in shares of ABB during the 1st quarter worth about $143,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of ABB by 182.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,170 shares of the industrial products company’s stock worth $221,000 after buying an additional 6,566 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of ABB during the 1st quarter worth about $238,000. 5.30% of the stock is owned by institutional investors and hedge funds.
ABB Company Profile
ABB Ltd manufactures and sells electrification, robotics and motion, industrial automation, and power grid products worldwide. Its Electrification Products segment provides modular substation packages, distribution automation products, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.
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