ABB (NYSE:ABBNY) Hits New 12-Month High at $48.43

Shares of ABB Ltd (NYSE:ABBNY) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $48.43 and last traded at $48.42, with a volume of 12189 shares changing hands. The stock had previously closed at $45.80.

Wall Street Analyst Weigh In

Separately, TD Cowen cut ABB from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 9th.

ABB Stock Up 6.0 %

The company has a current ratio of 1.18, a quick ratio of 0.84 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $91.33 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 3.60 and a beta of 1.20. The stock has a fifty day moving average of $46.05 and a 200-day moving average of $41.74.

ABB (NYSE:ABBNY) last issued its earnings results on Wednesday, January 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $8.25 billion for the quarter, compared to analysts’ expectations of $8.15 billion. ABB had a return on equity of 27.93% and a net margin of 11.62%. As a group, sell-side analysts expect that ABB Ltd will post 2.04 EPS for the current year.

Hedge Funds Weigh In On ABB

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of ABB by 260.8% in the fourth quarter. Millennium Management LLC now owns 596,554 shares of the industrial products company’s stock worth $18,171,000 after buying an additional 431,194 shares during the period. Two Sigma Investments LP boosted its position in shares of ABB by 1,125.1% in the first quarter. Two Sigma Investments LP now owns 438,582 shares of the industrial products company’s stock worth $15,043,000 after buying an additional 402,782 shares during the period. Morgan Stanley boosted its position in ABB by 5.9% during the fourth quarter. Morgan Stanley now owns 5,316,270 shares of the industrial products company’s stock valued at $161,934,000 after purchasing an additional 295,580 shares during the last quarter. Cerity Partners LLC boosted its position in ABB by 1,100.9% during the fourth quarter. Cerity Partners LLC now owns 235,442 shares of the industrial products company’s stock valued at $7,172,000 after purchasing an additional 215,837 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in ABB by 11.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,946,711 shares of the industrial products company’s stock valued at $62,956,000 after purchasing an additional 203,012 shares during the last quarter. 1.09% of the stock is currently owned by institutional investors and hedge funds.

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.