ABB (ABB) Shares Gap Down to $19.81

ABB Ltd (NYSE:ABB) shares gapped down before the market opened on Friday . The stock had previously closed at $20.27, but opened at $19.81. ABB shares last traded at $19.40, with a volume of 3807686 shares.

Several brokerages have issued reports on ABB. Vertical Research cut shares of ABB from a “hold” rating to a “sell” rating and set a $17.00 target price on the stock. in a report on Thursday. Zacks Investment Research upgraded shares of ABB from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. JPMorgan Chase & Co. reiterated a “sell” rating on shares of ABB in a report on Monday, December 17th. Morgan Stanley reiterated a “hold” rating on shares of ABB in a report on Thursday, October 25th. Finally, Kepler Capital Markets reiterated a “buy” rating on shares of ABB in a report on Wednesday, December 12th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. ABB presently has a consensus rating of “Hold” and an average target price of $22.87.

The stock has a market cap of $42.22 billion, a P/E ratio of 15.52, a PEG ratio of 2.10 and a beta of 1.16. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.86 and a current ratio of 1.18.

ABB (NYSE:ABB) last announced its quarterly earnings data on Thursday, October 25th. The industrial products company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.04). ABB had a net margin of 6.24% and a return on equity of 19.99%. The company had revenue of $9.26 billion during the quarter, compared to analysts’ expectations of $9.46 billion. Analysts anticipate that ABB Ltd will post 1.27 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Scout Investments Inc. raised its holdings in shares of ABB by 7.2% during the 4th quarter. Scout Investments Inc. now owns 146,025 shares of the industrial products company’s stock worth $2,776,000 after acquiring an additional 9,758 shares during the period. Avitas Wealth Management LLC raised its holdings in shares of ABB by 4.0% during the 3rd quarter. Avitas Wealth Management LLC now owns 115,635 shares of the industrial products company’s stock worth $2,732,000 after acquiring an additional 4,465 shares during the period. Clearbridge Investments LLC raised its holdings in shares of ABB by 14,142.2% during the 3rd quarter. Clearbridge Investments LLC now owns 591,050 shares of the industrial products company’s stock worth $13,967,000 after acquiring an additional 586,900 shares during the period. Belpointe Asset Management LLC purchased a new position in shares of ABB during the 3rd quarter worth $132,000. Finally, Glenmede Trust Co. NA raised its holdings in shares of ABB by 471.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 146,543 shares of the industrial products company’s stock worth $3,462,000 after acquiring an additional 120,884 shares during the period. 4.87% of the stock is currently owned by institutional investors and hedge funds.

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About ABB (NYSE:ABB)

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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