ABB (NYSE:ABBNY) Shares Gap Down – Here’s Why

ABB Ltd (NYSE:ABBNY)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $55.96, but opened at $54.51. ABB shares last traded at $54.57, with a volume of 37,479 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group downgraded shares of ABB from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 29th. Citigroup cut shares of ABB from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

ABB Stock Performance

The stock’s 50 day simple moving average is $56.75 and its two-hundred day simple moving average is $56.16. The company has a market capitalization of $101.76 billion, a P/E ratio of 26.17, a P/E/G ratio of 2.74 and a beta of 1.15. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.35 and a quick ratio of 0.92.

ABB (NYSE:ABBNY) last released its earnings results on Thursday, October 17th. The industrial products company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.04). ABB had a net margin of 11.90% and a return on equity of 27.58%. The firm had revenue of $8.15 billion during the quarter. As a group, research analysts expect that ABB Ltd will post 2.16 earnings per share for the current year.

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.