Zacks Investment Research lowered shares of ABB (NYSE:ABB) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “ABB’s shares have outperformed the industry’s average return over the past year. ABB’s operations continue to benefit from power infrastructure investments and strategic restructuring plans. Strong order growth, particularly in Robotics and Motion segment, bode well for the coming quarters. The third stage of ABB’s revamped “Next Level Strategy” will help unlock ABB’s full digital potential, increasing momentum in operational excellence and boosting the company’s brand. However, volatility in oil & gas markets, tough macroeconomic and geopolitical conditions and uncertainty in the process industries remain major headwinds. Also, a stringent competitive environment, volatility in raw material prices and dwindling customer expenditure add to the woes. This apart, lower capital spending in the company’s key upstream energy end-markets will hurt its prospects.”
A number of other brokerages have also recently commented on ABB. Robert W. Baird reaffirmed a buy rating and issued a $29.00 price target on shares of ABB in a research note on Friday, December 15th. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of ABB in a research note on Friday, November 24th. Jefferies Group set a $20.00 price target on ABB and gave the stock a sell rating in a research note on Tuesday, November 28th. Goldman Sachs Group reaffirmed a buy rating on shares of ABB in a research note on Monday, December 11th. Finally, Deutsche Bank raised ABB from a hold rating to a buy rating in a research note on Monday, December 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $26.00.
ABB (NYSE:ABB) last announced its quarterly earnings data on Thursday, October 26th. The industrial products company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.55 billion. ABB had a return on equity of 18.65% and a net margin of 6.79%. ABB’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. research analysts anticipate that ABB will post 1.24 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABB. Fisher Asset Management LLC boosted its stake in ABB by 4.5% during the third quarter. Fisher Asset Management LLC now owns 8,658,635 shares of the industrial products company’s stock valued at $214,301,000 after buying an additional 376,777 shares during the last quarter. Northern Trust Corp boosted its stake in ABB by 1.3% during the second quarter. Northern Trust Corp now owns 4,514,363 shares of the industrial products company’s stock valued at $112,408,000 after buying an additional 59,101 shares during the last quarter. Macquarie Group Ltd. boosted its stake in ABB by 1.1% during the third quarter. Macquarie Group Ltd. now owns 3,877,508 shares of the industrial products company’s stock valued at $95,968,000 after buying an additional 40,514 shares during the last quarter. Schafer Cullen Capital Management Inc. boosted its stake in ABB by 2.0% during the second quarter. Schafer Cullen Capital Management Inc. now owns 3,686,628 shares of the industrial products company’s stock valued at $91,797,000 after buying an additional 73,112 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in ABB by 14.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,458,598 shares of the industrial products company’s stock valued at $86,119,000 after buying an additional 432,665 shares during the last quarter. 4.74% of the stock is owned by hedge funds and other institutional investors.
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ABB Company Profile
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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