Zacks Investment Research upgraded shares of ABB (NYSE:ABB) from a hold rating to a buy rating in a report released on Wednesday, January 10th. The firm currently has $31.00 price objective on the industrial products company’s stock.
According to Zacks, “ABB’s shares have outperformed the industry’s average return over the past year, and the company also boasts an excellent earnings surprise history over the trailing four quarters. 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. We are highly optimistic about ABB’s recent acquisition of GE Industrial Solutions, which will fortify its global foothold in electrification, and expand its access to the North American market. However, volatility in oil & gas markets and uncertainty in the process industries remain major headwinds for the company.”
Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird reissued a buy rating and set a $29.00 target price on shares of ABB in a report on Friday, December 15th. Goldman Sachs Group reissued a buy rating on shares of ABB in a report on Monday, December 11th. Deutsche Bank raised shares of ABB from a hold rating to a buy rating in a report on Monday, December 4th. Bank of America cut shares of ABB from a buy rating to a neutral rating in a report on Tuesday, January 9th. Finally, JPMorgan Chase & Co. reaffirmed a neutral rating on shares of ABB in a report on Friday, November 24th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. ABB currently has a consensus rating of Hold and a consensus target price of $26.67.
Shares of ABB (ABB) traded up $0.19 during mid-day trading on Wednesday, reaching $28.06. 1,605,739 shares of the company’s stock were exchanged, compared to its average volume of 1,690,000. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.37 and a quick ratio of 1.03. ABB has a 1-year low of $22.04 and a 1-year high of $28.67. The company has a market cap of $60,640.00, a PE ratio of 26.72, a price-to-earnings-growth ratio of 2.90 and a beta of 1.06.
Several institutional investors have recently added to or reduced their stakes in ABB. Beach Investment Management LLC. bought a new position in shares of ABB in the second quarter worth $344,000. Bank of New York Mellon Corp increased its stake in ABB by 5.9% in the second quarter. Bank of New York Mellon Corp now owns 104,342 shares of the industrial products company’s stock valued at $2,599,000 after acquiring an additional 5,840 shares during the last quarter. CIBC World Markets Inc. bought a new position in ABB in the second quarter valued at $434,000. Ameriprise Financial Inc. increased its stake in ABB by 15.6% in the second quarter. Ameriprise Financial Inc. now owns 632,562 shares of the industrial products company’s stock valued at $15,804,000 after acquiring an additional 85,151 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in ABB by 2.9% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 13,917 shares of the industrial products company’s stock valued at $347,000 after acquiring an additional 392 shares during the last quarter. 4.74% of the stock is currently owned by hedge funds and other institutional investors.
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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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