ABM Industries (NYSE:ABM) Releases Earnings Results, Beats Estimates By $0.05 EPS

ABM Industries (NYSE:ABMGet Rating) announced its quarterly earnings data on Wednesday. The business services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.05, Briefing.com reports. ABM Industries had a net margin of 2.06% and a return on equity of 15.11%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. ABM Industries’s quarterly revenue was up 26.9% on a year-over-year basis. ABM Industries updated its FY 2022 guidance to $3.50-$3.70 EPS and its FY22 guidance to $3.50-$3.70 EPS.

NYSE:ABM traded down $0.63 on Friday, hitting $42.85. 4,548 shares of the company’s stock traded hands, compared to its average volume of 391,266. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.59. ABM Industries has a 1 year low of $38.44 and a 1 year high of $54.00. The firm has a 50-day moving average price of $47.71 and a 200-day moving average price of $45.03. The company has a market cap of $2.87 billion, a PE ratio of 20.12 and a beta of 1.10.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Thursday, July 7th will be paid a $0.195 dividend. The ex-dividend date is Wednesday, July 6th. This represents a $0.78 dividend on an annualized basis and a yield of 1.82%. ABM Industries’s dividend payout ratio is currently 36.62%.

In other ABM Industries news, EVP Raul Javier Valentin sold 1,109 shares of the stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $45.64, for a total value of $50,614.76. Following the transaction, the executive vice president now owns 14,337 shares of the company’s stock, valued at $654,340.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Dean A. Chin sold 3,657 shares of the stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $48.13, for a total value of $176,011.41. Following the completion of the sale, the chief accounting officer now owns 26,052 shares of the company’s stock, valued at $1,253,882.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,132 shares of company stock valued at $1,049,088. Corporate insiders own 0.54% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC lifted its holdings in ABM Industries by 887.4% during the 1st quarter. Jane Street Group LLC now owns 74,320 shares of the business services provider’s stock worth $3,422,000 after buying an additional 66,793 shares during the period. Meiji Yasuda Asset Management Co Ltd. bought a new position in ABM Industries during the first quarter valued at $1,914,000. Royal Bank of Canada grew its holdings in ABM Industries by 39.3% during the first quarter. Royal Bank of Canada now owns 24,579 shares of the business services provider’s stock valued at $1,132,000 after purchasing an additional 6,930 shares during the period. Delphia USA Inc. bought a new position in ABM Industries during the first quarter valued at $202,000. Finally, Guggenheim Capital LLC purchased a new stake in shares of ABM Industries during the first quarter worth $310,000. Institutional investors own 94.65% of the company’s stock.

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of ABM Industries from $62.00 to $65.00 in a research note on Wednesday, April 20th. Zacks Investment Research lowered shares of ABM Industries from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday. Finally, StockNews.com upgraded shares of ABM Industries from a “hold” rating to a “buy” rating in a report on Friday, May 13th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $56.67.

ABM Industries Company Profile (Get Rating)

ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. The company operates through Business & Industry, Technology & Manufacturing, Education, Aviation, and Technical Solutions segments. It provides janitorial, facilities engineering, parking, custodial, landscaping and ground, and mechanical and electrical services; and vehicle maintenance and other services to rental car providers.

Further Reading

Earnings History for ABM Industries (NYSE:ABM)

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