ABM Industries (NYSE:ABM) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

ABM Industries (NYSE:ABMGet Free Report) released its quarterly earnings results on Thursday. The business services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08, Briefing.com reports. ABM Industries had a return on equity of 12.88% and a net margin of 3.15%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. ABM Industries updated its FY 2024 guidance to 3.400-3.500 EPS and its FY24 guidance to $3.40-3.50 EPS.

ABM Industries Trading Up 5.3 %

Shares of NYSE ABM opened at $50.98 on Friday. The firm has a 50 day moving average price of $45.51 and a two-hundred day moving average price of $43.60. The stock has a market cap of $3.23 billion, a P/E ratio of 13.04 and a beta of 1.16. ABM Industries has a 52-week low of $37.61 and a 52-week high of $53.05. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.48 and a current ratio of 1.48.

ABM Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 5th will be given a $0.225 dividend. The ex-dividend date is Friday, July 5th. This represents a $0.90 annualized dividend and a yield of 1.77%. ABM Industries’s dividend payout ratio is presently 23.02%.

Insider Activity at ABM Industries

In other news, EVP Andrea R. Newborn sold 12,615 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $45.00, for a total value of $567,675.00. Following the completion of the sale, the executive vice president now owns 45,847 shares of the company’s stock, valued at $2,063,115. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Rene Jacobsen sold 5,563 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $43.59, for a total transaction of $242,491.17. Following the transaction, the chief operating officer now directly owns 111,677 shares of the company’s stock, valued at approximately $4,868,000.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Andrea R. Newborn sold 12,615 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $45.00, for a total value of $567,675.00. Following the completion of the sale, the executive vice president now directly owns 45,847 shares of the company’s stock, valued at approximately $2,063,115. The disclosure for this sale can be found here. Insiders sold 23,643 shares of company stock worth $1,055,490 over the last three months. Company insiders own 1.04% of the company’s stock.

Analyst Ratings Changes

Separately, UBS Group boosted their price target on ABM Industries from $45.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $47.00.

Get Our Latest Analysis on ABM

ABM Industries Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for ABM Industries (NYSE:ABM)

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