ABB (OTCMKTS:ABBNY) Shares Gap Down Following Weak Earnings

ABB Ltd (OTCMKTS:ABBNY) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $89.6335, but opened at $85.57. ABB shares last traded at $85.60, with a volume of 18,823 shares changing hands.

The industrial products company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.42). ABB had a net margin of 13.86% and a return on equity of 31.25%.

Analysts Set New Price Targets

Several equities analysts have commented on ABBNY shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of ABB in a research note on Tuesday, September 22nd. Pareto Securities upgraded ABB from a “hold” rating to a “buy” rating in a research note on Thursday, July 16th. Erste Group Bank lowered ABB from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Royal Bank Of Canada reissued a “sector perform” rating on shares of ABB in a research note on Tuesday, July 21st. Finally, Zacks Research upgraded ABB from a “hold” rating to a “strong-buy” rating in a report on Friday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, ABB currently has a consensus rating of “Hold”.

Institutional Investors Weigh In On ABB

A hedge fund recently bought a new position in ABB stock. North Star Asset Management Inc. bought a new position in shares of ABB Ltd (OTCMKTS:ABBNY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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.

ABB Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market capitalization of $156.54 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 1.21 and a beta of 1.35. The stock has a 50 day simple moving average of $97.28 and a two-hundred day simple moving average of $99.53.

About ABB

ABB Ltd. (OTCMKTS:ABBNY) is a Swiss-Swedish technology company that develops products, systems and services for electrification, industrial automation and energy management. Its offerings include electrical distribution equipment, industrial control systems, motors, drives, measurement and analytical instruments, and software designed to improve the efficiency, reliability and sustainability of industrial and commercial operations.

The company also provides robotics and automation solutions for manufacturing, logistics and other industrial applications.