ABM Industries (NYSE:ABM) Releases Earnings Results, Beats Estimates By $0.14 EPS

ABM Industries (NYSE:ABM) released its earnings results on Thursday. The business services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.14, Briefing.com reports. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. The company had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the company earned $0.79 EPS. ABM Industries’s revenue for the quarter was up 3.9% on a year-over-year basis. 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 Price Performance

Shares of ABM Industries stock traded down $1.43 during trading hours on Friday, reaching $41.92. The company’s stock had a trading volume of 750,009 shares, compared to its average volume of 583,089. The firm has a 50 day moving average price of $41.58 and a 200-day moving average price of $42.00. ABM Industries has a one year low of $37.61 and a one year high of $53.05. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.48 and a quick ratio of 1.40. The stock has a market cap of $2.65 billion, a P/E ratio of 10.73 and a beta of 1.15.

ABM Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Thursday, April 4th will be issued a $0.225 dividend. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.15%. ABM Industries’s dividend payout ratio (DPR) is presently 23.02%.

Insider Transactions at ABM Industries

In other news, COO Rene Jacobsen sold 6,341 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $45.50, for a total value of $288,515.50. Following the sale, the chief operating officer now directly owns 52,849 shares in the company, valued at approximately $2,404,629.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Scott B. Salmirs sold 25,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the transaction, the chief executive officer now directly owns 326,690 shares in the company, valued at approximately $16,334,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rene Jacobsen sold 6,341 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $45.50, for a total transaction of $288,515.50. Following the transaction, the chief operating officer now owns 52,849 shares in the company, valued at $2,404,629.50. 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 in the last three months. Insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On ABM Industries

Several hedge funds have recently added to or reduced their stakes in ABM. Creative Planning lifted its position in shares of ABM Industries by 1.6% in the 2nd 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 increased its stake in ABM Industries by 0.9% during the 1st quarter. HighTower Advisors LLC now owns 40,718 shares of the business services provider’s stock valued at $1,822,000 after purchasing an additional 359 shares in the last quarter. Bank of Montreal Can increased its stake in ABM Industries by 2.2% during the 1st quarter. Bank of Montreal Can now owns 21,837 shares of the business services provider’s stock valued at $1,000,000 after purchasing an additional 473 shares in the last quarter. AQR Capital Management LLC increased its stake in ABM Industries by 5.8% during the 4th quarter. AQR Capital Management LLC now owns 11,476 shares of the business services provider’s stock valued at $510,000 after purchasing an additional 634 shares in the last quarter. Finally, Pathstone Family Office LLC increased its stake in ABM Industries by 12.5% during the 4th quarter. Pathstone Family Office LLC now owns 6,014 shares of the business services provider’s stock valued at $267,000 after purchasing an additional 669 shares in the last quarter. 86.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ABM has been the topic of several research analyst reports. StockNews.com cut shares of ABM Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. Truist Financial boosted their price target on shares of ABM Industries from $43.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, December 14th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $45.20.

About ABM Industries

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.