StockNews.com Initiates Coverage on ABB (NYSE:ABB)

Posted by on May 18th, 2023

Equities research analysts at StockNews.com started coverage on shares of ABB (NYSE:ABB – Get Rating) in a report issued on Thursday. The firm set a “strong-buy” rating on the industrial products company’s stock.

ABB Trading Up 0.9 %

Shares of ABB stock opened at $36.97 on Thursday. The firm has a market capitalization of $72.64 billion, a P/E ratio of 24.01, a PEG ratio of 3.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.80 and a current ratio of 1.15. ABB has a fifty-two week low of $24.27 and a fifty-two week high of $37.11. The stock’s fifty day moving average is $34.59 and its two-hundred day moving average is $32.97.

ABB (NYSE:ABB – Get Rating) last released its quarterly earnings data on Monday, April 24th. The industrial products company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.16. ABB had a net margin of 9.58% and a return on equity of 23.19%. The company had revenue of $7.86 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. ABB’s quarterly revenue was up 12.8% on a year-over-year basis. Research analysts expect that ABB will post 1.67 earnings per share for the current fiscal year.

Institutional Trading of ABB

Hedge funds have recently made changes to their positions in the company. Fisher Asset Management LLC increased its holdings in shares of ABB by 3.3% during the 3rd quarter. Fisher Asset Management LLC now owns 20,668,051 shares of the industrial products company’s stock worth $530,342,000 after buying an additional 663,668 shares during the last quarter. Chevy Chase Trust Holdings LLC grew its holdings in shares of ABB by 24.7% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 2,944,524 shares of the industrial products company’s stock worth $100,997,000 after purchasing an additional 583,673 shares during the period. Millennium Management LLC grew its holdings in shares of ABB by 260.8% during the 4th quarter. Millennium Management LLC now owns 596,554 shares of the industrial products company’s stock worth $18,171,000 after purchasing an additional 431,194 shares during the period. Two Sigma Investments LP grew its holdings in shares of ABB by 1,125.1% during the 1st quarter. Two Sigma Investments LP now owns 438,582 shares of the industrial products company’s stock worth $15,043,000 after purchasing an additional 402,782 shares during the period. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of ABB by 132.9% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 675,973 shares of the industrial products company’s stock worth $17,344,000 after purchasing an additional 385,742 shares during the period. Hedge funds and other institutional investors own 5.24% of the company’s stock.

ABB Company Profile

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ABB Ltd. is a technology company, which engages in the development and provision of electrification, motion and automation solutions. It operates through the following business segments: Electrification, Motion, Process Automation and Robotics & Discrete Automation. The Electrification segment manufactures and sells electrical products and solutions which are designed to provide safe, smart and sustainable electrical flow from the substation to the socket.

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Analyst Recommendations for ABB (NYSE:ABB)

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