ABB (OTCMKTS:ABBNY) Shares Gap Down After Earnings Miss

ABB Ltd (OTCMKTS:ABBNY) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $103.47, but opened at $97.88. ABB shares last traded at $97.76, with a volume of 15,122 shares.

The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.13). ABB had a return on equity of 31.94% and a net margin of 13.86%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABBNY shares. Wall Street Zen cut ABB from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Deutsche Bank Aktiengesellschaft raised shares of ABB from a “sell” rating to a “hold” rating in a report on Thursday, April 23rd. Berenberg Bank upgraded shares of ABB to a “hold” rating in a research report on Monday, June 1st. Kepler Capital Markets lowered shares of ABB from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, TD Cowen restated a “hold” rating on shares of ABB in a research report on Tuesday, June 30th. Eleven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $58.00.

ABB Trading Down 5.1%

The business’s 50 day moving average price is $105.27 and its two-hundred day moving average price is $92.50. The company has a market capitalization of $178.94 billion, a price-to-earnings ratio of 36.08, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.38.

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.