ABB (OTCMKTS:ABBNY) Stock Rating Lowered by Erste Group Bank

Key Points

• Erste Group Bank downgraded ABB from “strong buy” to “hold,” while the broader analyst consensus is also “hold,” with an average price target of $58.00.
• ABB shares opened at $98.46, down 0.3%, and trade near a 52-week high of $110.20; the company reported quarterly EPS of $0.66, below the $0.79 consensus estimate, despite revenue exceeding forecasts.
• North Star Asset Management initiated a new position worth approximately $240,000, while institutional investors collectively own 1.06% of ABB’s stock.

ABB (OTCMKTS:ABBNY - Get Free Report) was downgraded by investment analysts at Erste Group Bank from a "strong-buy" rating to a "hold" rating in a research report issued on Thursday,Zacks.com reports.

ABBNY has been the topic of several other research reports. Wall Street Zen lowered shares of ABB from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Pareto Securities raised shares of ABB from a "hold" rating to a "buy" rating in a research note on Thursday, July 16th. Citigroup restated a "neutral" rating on shares of ABB in a research note on Thursday, June 18th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of ABB in a research report on Tuesday, July 21st. Finally, Dnb Carnegie raised ABB from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $58.00.

ABB Stock Down 0.3%

ABB stock opened at $98.46 on Thursday. The business's 50-day simple moving average is $101.38 and its two-hundred day simple moving average is $97.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market cap of $179.51 billion, a PE ratio of 35.55, a PEG ratio of 1.46 and a beta of 1.36. ABB has a fifty-two week low of $65.42 and a fifty-two week high of $110.20.

ABB (OTCMKTS:ABBNY - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.13). ABB had a return on equity of 31.25% and a net margin of 13.86%.The company had revenue of $9.47 billion for the quarter, compared to analyst estimates of $9.34 billion. Equities analysts anticipate that ABB will post 3.78 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in ABB stock. North Star Asset Management Inc. acquired a new position in ABB Ltd (OTCMKTS:ABBNY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,205 shares of the industrial products company's stock, valued at approximately $240,000. Hedge funds and other institutional investors own 1.06% of the company's stock.

About ABB

ABB Ltd provides electrification, motion, and automation solutions and products for customers in utilities, industry and transport, and infrastructure in Switzerland, rest of Europe, the Americas, the United States, rest of Asia, the Middle East, Africa, China, and internationally. Its Electrification segment offers renewable power solutions, modular substation packages, distribution automation products, switchboards and panelboards, switchgears, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.

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