ABM Industries (NYSE:ABM) Posts Earnings Results, Beats Expectations By $0.14 EPS

ABM Industries (NYSE:ABM) announced its quarterly earnings data on Thursday. The business services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.14, Briefing.com reports. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.01 billion. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 earnings per share. ABM Industries updated its FY 2024 guidance to 3.300-3.450 EPS and its FY24 guidance to $3.30-3.45 EPS.

ABM Industries Stock Performance

Shares of NYSE:ABM traded down $1.43 on Friday, hitting $41.92. The company had a trading volume of 750,009 shares, compared to its average volume of 583,089. ABM Industries has a 1-year low of $37.61 and a 1-year high of $53.05. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 10.73 and a beta of 1.15. The stock has a 50 day moving average price of $41.58 and a 200 day moving average price of $42.00. The company has a current ratio of 1.48, a quick ratio of 1.40 and a debt-to-equity ratio of 0.71.

ABM Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Thursday, April 4th will be issued a $0.225 dividend. The ex-dividend date is Wednesday, April 3rd. This represents a $0.90 annualized dividend and a dividend yield of 2.15%. ABM Industries’s dividend payout ratio is currently 23.02%.

Analysts Set New Price Targets

ABM has been the topic of a number of research reports. Truist Financial boosted their price objective on shares of ABM Industries from $43.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, December 14th. StockNews.com downgraded shares of ABM Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, ABM Industries has an average rating of “Hold” and an average price target of $45.20.

Insider Buying and Selling at ABM Industries

In other ABM Industries news, EVP Andrea R. Newborn sold 9,766 shares of the company’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $48.30, for a total value of $471,697.80. Following the transaction, the executive vice president now directly owns 42,722 shares in the company, valued at $2,063,472.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Scott B. Salmirs sold 25,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief executive officer now owns 326,690 shares of the company’s stock, valued at $16,334,500. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andrea R. Newborn sold 9,766 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $48.30, for a total transaction of $471,697.80. Following the completion of the sale, the executive vice president now directly owns 42,722 shares of the company’s stock, valued at approximately $2,063,472.60. The disclosure for this sale can be found here. Insiders have sold a total of 41,107 shares of company stock worth $2,010,213 over the last ninety days. Insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On ABM Industries

A number of institutional investors have recently modified their holdings of ABM. Creative Planning lifted its position in ABM Industries by 1.6% during the second quarter. Creative Planning now owns 14,095 shares of the business services provider’s stock worth $612,000 after purchasing an additional 216 shares during the period. HighTower Advisors LLC lifted its position in ABM Industries by 0.9% during the first quarter. HighTower Advisors LLC now owns 40,718 shares of the business services provider’s stock worth $1,822,000 after purchasing an additional 359 shares during the period. Bank of Montreal Can lifted its position in ABM Industries by 2.2% during the first quarter. Bank of Montreal Can now owns 21,837 shares of the business services provider’s stock worth $1,000,000 after purchasing an additional 473 shares during the period. AQR Capital Management LLC lifted its position in ABM Industries by 5.8% during the fourth quarter. AQR Capital Management LLC now owns 11,476 shares of the business services provider’s stock worth $510,000 after purchasing an additional 634 shares during the period. Finally, Pathstone Family Office LLC lifted its position in ABM Industries by 12.5% during the fourth quarter. Pathstone Family Office LLC now owns 6,014 shares of the business services provider’s stock worth $267,000 after purchasing an additional 669 shares during the period. Institutional investors own 86.42% of the company’s stock.

ABM Industries Company Profile

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.