ABB Ltd (NYSE:ABB) Shares Gap Down Following Weak Earnings

ABB Ltd (NYSE:ABB) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $25.92, but opened at $25.09. ABB shares last traded at $24.39, with a volume of 3,707,648 shares trading hands.

The industrial products company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.33 by $0.03. ABB had a net margin of 6.47% and a return on equity of 18.92%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.55 billion. During the same period in the prior year, the business earned $0.35 earnings per share. ABB’s quarterly revenue was down 2.6% compared to the same quarter last year.

Several equities analysts have commented on the stock. Zacks Investment Research lowered shares of ABB from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Robert W. Baird reissued an “outperform” rating and issued a $28.00 target price (up from $27.00) on shares of ABB in a report on Friday, June 16th. Morgan Stanley reissued a “buy” rating on shares of ABB in a report on Thursday, April 27th. BNP Paribas downgraded shares of ABB from an “outperform” rating to a “neutral” rating in a research note on Tuesday, May 23rd. Finally, Citigroup Inc. restated a “sell” rating on shares of ABB in a research note on Friday, June 9th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $24.25.

Large investors have recently bought and sold shares of the stock. Ledyard National Bank increased its stake in ABB by 3.6% in the second quarter. Ledyard National Bank now owns 4,350 shares of the industrial products company’s stock worth $108,000 after buying an additional 150 shares during the last quarter. Quantbot Technologies LP bought a new stake in ABB during the first quarter worth $206,000. Atria Investments LLC bought a new stake in ABB during the first quarter worth $221,000. Pennsylvania Trust Co bought a new stake in ABB during the second quarter worth $222,000. Finally, ZWJ Investment Counsel Inc. bought a new stake in ABB during the first quarter worth $234,000. Institutional investors own 3.62% of the company’s stock.

The company has a market cap of $52.29 billion, a P/E ratio of 24.71 and a beta of 1.08. The firm’s 50 day moving average price is $25.14 and its 200-day moving average price is $23.81.

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.